Tags: Square

Block is looking to channel funds toward Bitcoin mining initiatives and Bitkey wallet growth.

Internal documents allege Block’s involvement in terrorist crypto transactions and Square’s handling of transactions violating sanctions.

Block reported significant Bitcoin sales via mobile Cash App in 2023, generating $205M gross profit and $9.5B revenue.

Square Enix in 2024 Doubling Down on Blockchain, AI, and Metaverse Technologies

The company’s Bitcoin revenue surpassed $2.4 billion last quarter.

Block didn’t incur any impairment loss on its Bitcoin holdings, and Bitcoin revenue contributed as much as 43 of its total revenue.

“The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the quantity of bitcoin sold to customers,” the firm said.

Bitcoin profits on Block’s Cash App dropped slightly from the first quarter of 2023 but remain up 7 from this time last year.

Just days after buying $21 million of Coinbase shares, ARK Invest CEO Cathie Wood has added another $19.9 million in Block Inc. shares across its ETFs.

Today in Crypto: Voyager Might Start Fund Distribution in ‘Few Weeks’, Jack Dorsey’s Cash App Posts $2.16B in BTC Revenue for Q1, UK Continues Crypto ATM Crackdown

This week’s Crypto Biz explores Canada’s new crypto conglomerate, the recent premature passing of the Cash App creator in San Francisco, as well as DOGE news, and U.K. crypto challenges.

Today in Crypto: Police Looking for the Killer of MobileCoin Exec Bob Lee, MicroStrategy Acquires Additional 1,045 BTC, Fashion Giant Ralph Lauren Enables Crypto Payments in Miami Store

The San Francisco Police Department have not made any arrests so far.

Toronto, Canada (Shutterstock)

Jack Dorsey’s payments firm Block Inc has become the latest target of Hindenburg Research.

Short seller Hindenburg Research accuses Block of "wildly" overstating user counts, while understating customer acquisition costs.

C= (pronounced C equals) aims to further the reach of the Bitcoin Lightning Network through added liquidity and routing services.

Block claimed the reduced bitcoin revenue in Q4,2022 resulted from the crypto market collapse that occurred last year.

The exchanges are yet to finalize a potential merger, with WonderFi releasing a public statement in response to market speculation and a surging share price.

The combination would create the country’s largest cryptocurrency exchange.