ChainCatcher news, Block Inc., the company behind subsidiaries such as payment processor Square, music streaming service Tidal, and Bitcoin financing company Spiral, has seen its market value surpass Coinbase for the first time since March.Coinbase's stock price fell last week, marking its worst week of the year to date. According to data from The Block, in March of this year, Coinbase's market value first exceeded that of Block Inc.According to Benzinga, analysts at investment bank Barclays have adjusted their rating on Coinbase from "Under Weight" to "Equal Weight," indicating that the company is expected to perform below its industry peers over the next 12 months. Barclays believes that a mature regulatory environment, stable diversification, and strong industry leadership suggest that the company's business is maturing and revenue is reliable. However, the bank also lowered its price target for Coinbase stock from $206 to $169.

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.

ChainCatcher news, Block Inc. co-founder Jack Dorsey announced that starting in April 2024, Block will allocate 10% of the gross profit from Bitcoin-related products each month to purchase Bitcoin. This move comes after Block Inc. reported significant profits from Bitcoin trading in the first quarter, resulting in the company currently holding 8038 BTC.