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Jack Dorsey’s crypto company sees surprising profit jump
Block Inc., founded by Jack Dorsey, has added 108 Bitcoin to its corporate treasury in the second quarter, raising its total to 8,692 BTC. According to a recent filing, the acquisition had a cost basis of $11 million, and the company plans to invest in more Bitcoin in the future. With the price of Bitcoin presently trading near $117,000, Block's investment in Bitcoin is now valued at approximately $1.15 billion. For the quarter ending June 30, Block announced revenue of $6.05 billion, a 1.5% increase over revenue of $5.96 billion in the first quarter. Gross profit, tallying $2.54 billion, was an 8.2% increase over ... (full story)
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