Block Inc, Jack Dorsey's payment powerhouse, is on a roll. Its Bitcoin revenue hit $2.61 billion in Q2 2024. That's a 9% jump year-on-year, a pretty nice result for one of the most prominent Bitcoin maximalist. Yes, that's who Jack Dorsey, ex-chief of Twitter, really is nowadays.
Total net revenue? A cool $6.16 billion. Up 11% from 2023.
Block's bread and butter isn't just Bitcoin. Strip that out, and revenue still climbed 13% to $3.54 billion.
Cash App, Block's mobile payment service, is killing it. It raked in $4.13 billion. Bitcoin transactions alone netted $67 million in gross profit. That's up 52% from last year.
Why the surge? Bitcoin's price, mostly. The crypto's been on a tear, up over 45% in 2024. It's trading at $64,777 as we speak.
Block's not just facilitating trades. They're hodling too. They've got 8,211 BTC on their books. That's worth $515 million.
But it's not all sunshine and rainbows. Block took a $70 million hit on their Bitcoin holdings.
Still, things are looking up. Total gross profit jumped 20% to $2.23 billion. Net income? $195 million. That's nearly double last year's $102 million.
Block's got big plans. In May, they announced a $2 billion debt offering. They're sitting on a $10.3 billion war chest.
What's the endgame? Debt repayment, acquisitions, strategic moves. Block's not messing around.
The crypto rollercoaster's been good to Block. But can they keep the momentum going? Only time will tell.