Block Inc., led by Jack Dorsey, has disclosed its financial results for the second quarter of 2024, revealing a 9% increase in Bitcoin revenue compared to the previous year. The company's Bitcoin revenue surged to $2.61 billion during the period, contributing to a total net revenue of $6.16 billion, marking an 11% growth from the same quarter in 2023. Excluding Bitcoin earnings, the revenue stood at $3.54 billion, reflecting a 13% rise year over year. Block attributes Bitcoin revenue to the total BTC sales to customers. Additionally, the company's Cash App generated $4.13 billion in revenue, with $67 million in Bitcoin gross profit, a 52% surge from the previous year. Despite a $70 million loss from Bitcoin reserves, Block remains optimistic with plans to raise $2 billion for various strategic initiatives, leveraging the growing cryptocurrency market. Read more AI-generated news on: https://app.chaingpt.org/news