Jack Dorsey, co-founder and former CEO of Twitter, has increased his gross profits in Bitcoin by 90% through Block, his payments company. Block has earned 66 million dollars from the sale of BTC.
Summary
Jack Dorsey: former Twitter CEO earns $66 million from Bitcoin sale
The payment company Block led by Jack Dorsey, the former CEO of Twitter, has generated 66 million dollars from the sale of Bitcoin (BTC).
The one to say it is his Q4 2023 earnings report, which shows these gross profits increased by +90% compared to the previous year.
This sale took place through Cash App, the mobile payment service available in the USA and UK developed by Block. Cash App allows users to easily buy, sell, send, and receive BTC with their cards or cash balances.
In Q4 2023, only Cash App generated a total gross profit of 1.18 billion dollars, with a 25% increase compared to the previous year.
Not only that, the report highlights that the total amount of Bitcoin (BTC) sold to customers was 2.5 billion dollars, an increase of 37% compared to Q4 2022.
Looking at the entire year 2023, Block has seen an annual growth in Bitcoin revenue of +34%, amounting to 9.5 billion dollars. Even Bitcoin’s gross profit has increased by 31%, to 205 million dollars.
Jack Dorsey: from Twitter to Bitcoin
The current data highlights the interest of Twitter co-founder and former CEO, Jack Dorsey, in the payments sector and in Bitcoin.
And indeed, it was the end of 2021 when Dorsey left Twitter to focus on Bitcoin development, renaming Square to Block and, previously, Square App to Cash App.
During June 2023, then, Cash App had announced the integration of Bitkey, the non-custodial Bitcoin wallet created by Dorsey.
This latest increase in revenue and profit for Dorsey’s companies was primarily driven by the increase in the average market price of BTC.
At the time of writing, according to the data from CoinGecko, Block Inc holds 8,027 BTC worth 220 million dollars.
The launch of the Ocean initiative for BTC mining
In Q4 2023, in addition to the increase in BTC prices, Jack Dorsey had announced the launch of the Ocean initiative for Bitcoin mining.
This is a decentralized Bitcoin mining pool, meaning it is not managed by a single entity that can make arbitrary decisions.
Not only that, in addition to being decentralized, Ocean is also non-custodial, so that the miners who participate in it directly receive any BTC earned in real time from the platform.
