Cash App, the mobile payment service owned by Block, saw a significant increase in the value of its bitcoin sales in the second quarter of 2023. The total amount of bitcoin sold to Cash App users during this period was $2.39 billion, a year-over-year increase of 34%. This growth in bitcoin sales contributed to Cash App’s $44 million gross profit from bitcoin in the quarter, which was slightly lower than the previous quarter but up 7% compared to the same period last year.
In addition, Block announced a new partnership with Coinbase to launch the Bitkey wallet, allowing users to buy bitcoin on Coinbase and transfer it to Bitkey through Coinbase Pay. This partnership aims to expand Bitkey’s accessibility and reach across six continents. Block CEO Jack Dorsey expressed excitement about this collaboration, stating that it will be a global-first product and will be launched in more countries than ever before.
The article also mentions that Block did not recognize any bitcoin impairment loss during the second quarter, indicating that the fair value of BTC did not decrease below its carrying value during that period. This news reflects a positive outlook for Block’s bitcoin investments.
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AI Sentiment: Positive