"Block's Bitcoin Bets Yield $207M Gains, Shares Surge 14%"

Block, led by Jack Dorsey, reported a $66 million gross profit on Bitcoin sales through Cash App in the fourth quarter of 2023, with a 90% increase year over year. The company's total Bitcoin revenue was $2.52 billion, up 37% year over year, and it recognized a $207 million gain from its Bitcoin investments. Block's mobile Cash App generated $205 million in Bitcoin gross profit and $9.50 billion in Bitcoin revenue in 2023, up 31% and 34% year over year, respectively. The company's total revenues increased to $9.5 billion, representing 33.54% growth from the previous year.