Chain News by Thebittimes.Com

Block didn’t incur any impairment loss on its Bitcoin holdings and Bitcoin revenue contributed as much as 43% of its total revenue. Jack Dorsey-led Block, a Bitcoin-focused fintech company, published its third-quarter earnings report on Nov. 2 that revealed a profit able quarter for the firm, surpassing analyst estimates.  The firm saw $5.62 billion in revenue in the third quarter of 2023, boosted by strong revenue growth in Cash App and Square and made $44 million in profit on its Bitcoin holdings thanks to the surge in price of BTC over the past three months. In a shareholder letter, Jack Dorsey shed light on the company’s focus and future plans, especially with Square, along with key financial metrics of the third quarter. Dorsey said the company has authorized the repurchase of $1 billion in shares to offset a portion of dilution from share-based compensation. In the third quarter of 2023, Block generated a gross profit of $1.90 billion, up 21% year over year. On the other ha...

Join Our Telegram channel to stay up to date on breaking news coverage Best-selling online collectibles creators have reacted to a decline in the value of cryptocurrencies and digital assets by looking for other sources of income, such as utilizing cartoons to market tangible goods and establish entertainment franchises. Last year, when individuals purchased animal collections like Bored Ape Yacht Club, Cool Cats, and Pudgy Penguins, digital objects known as non-fungible tokens exploded into popular culture. People spent billions of dollars purchasing NFTs from marketplaces like OpenSea, aided by celebrity endorsements and social media buzz. The market, however, has fallen precipitously since April as a result of a sell-off in the larger cryptocurrency market, which has been shaken by a number of high-profile scandals, including the demise of the cryptocurrency exchange FTX and the TerraUSD stablecoin in May. The majority of this year’s $36 billion in sales—more tha...