Jack Dorsey’s Block on Track to Sell $10 Billion Worth of BTC This Year

HODL15Capital, a Bitcoin investment firm, believes Jack Dorsey’s digital assets payment solution, Block, would likely sell up to $10 billion worth of BTC this year. In a recent post on X, HODL15Capital revealed via Block’s condensed consolidated statement of operations that the firm earned over $5.3 billion in Bitcoin revenue in the first half of 2024.

@jack 's Block, Inc. (aka Square), $SQ, on pace to sell $10 Billion worth of #Bitcoin this year 👇 @CashApp pic.twitter.com/gGs1lxcL4w

— HODL15Capital 🇺🇸 (@HODL15Capital) August 25, 2024

According to Block’s unaudited report, the digital asset payments firm earned over $12.1 billion in the first half of 2024. The revenue earned spreads across transaction-based revenue, which amounted to over $3.2 billion, subscription and services-based revenue, amounting to over $3.4 billion, and hardware revenue worth over $75.4 million.

Notably, Block’s unaudited condensed consolidated statement for the first half of 2024 reflects a total revenue increase of over $1.5 billion YoY. Meanwhile, HODL15Capital reported that Block also held Bitcoin worth $1.44 billion for users as of the last day of June 2024.

Analysts link Block’s expansion and revenue growth to a few developments in the digital asset payment solution’s ecosystem in the year’s first half. One such development is Block’s collaboration with CashApp, a mobile payment service that allows users to transfer funds using a mobile phone application.

Block and CashApp launched a partnership last April, allowing eligible Block sellers to convert part of their daily sales to Bitcoin using CashApp. The firm noted that collaborating with CashApp would enable users, including business owners, to participate in a global monetary system.

The firm also started building a Bitcoin mining system to expand its ambitions from designing chips to developing a full Bitcoin mining system. Block also unveiled plans to broaden the scope of its mining project to include system design.

The post Jack Dorsey’s Block on Track to Sell $10 Billion Worth of BTC This Year appeared first on Coin Edition.