Mobile payment company Block reported Bitcoin revenue of $2.61 billion in the second quarter

ChainCatcher news, Jack Dorsey's payment group Block Inc. has released its earnings results for the second quarter of 2024, with Bitcoin revenue increasing by 9% year-over-year. Block's Bitcoin revenue for this quarter exceeded $2.61 billion, with total net revenue reaching $6.16 billion, an 11% increase compared to the same period in 2023. Block recognizes Bitcoin revenue as the total amount of BTC sold to customers.

The company also updated the status of its Bitcoin reserves, reporting a loss of $70 million on its held BTC. As of June 30, 2024, Block holds approximately 8,211 BTC on its balance sheet for investment, with a fair value of $515 million. The company acquired about 173 BTC in the past quarter.