{"id":20581,"date":"2023-05-04T23:50:18","date_gmt":"2023-05-04T23:50:18","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/should-you-buy-block-stock-on-a-boost-to-bitcoin-revenue-in-q1\/"},"modified":"2023-05-04T23:50:18","modified_gmt":"2023-05-04T23:50:18","slug":"should-you-buy-block-stock-on-a-boost-to-bitcoin-revenue-in-q1","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/should-you-buy-block-stock-on-a-boost-to-bitcoin-revenue-in-q1\/","title":{"rendered":"Should you buy Block stock on a boost to bitcoin revenue in Q1?"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803539_m_normal_none-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803539_m_normal_none-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803539_m_normal_none-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/178803539_m_normal_none-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Block didn\u2019t see an impairment loss on its bitcoin holdings in Q1.<\/li>\n<li>Analysts at KeyBanc continue to see upside in its shares to $85.<\/li>\n<li>Block stock is currently down about 5.0% versus the start of 2023.<\/li>\n<\/ul>\n<p>Block Inc says it did not see an impairment loss related to its <a href=\"https:\/\/coinjournal.net\/news\/tag\/bitcoin\/\">bitcoin<\/a> hoard in the first financial quarter. Shares are trading up in extended hours.<\/p>\n<h2>Bitcoin price recovery helped<\/h2>\n<p>The surge in BTC this year pushed the fintech company\u2019s bitcoin revenue in Q1 to $2.16 billion \u2013 up 18% sequentially and a whopping 25% versus the same quarter last year.<\/p>\n<p>Gross profit from bitcoin holdings also increased 43% versus the previous quarter, as per its <a href=\"https:\/\/s29.q4cdn.com\/628966176\/files\/doc_financials\/2023\/q1\/Shareholder-Letter_Block_1Q23.pdf\" target=\"_blank\" rel=\"noopener\">letter to shareholders<\/a>. Block generated $770 million of total gross profit in its recently concluded quarter \u2013 up 16% on a year-over-year basis.<\/p>\n<p>The fair value of its position in bitcoin was $229 million as of March 31<sup>st<\/sup> versus the original purchase price of $220 million.<\/p>\n<p>Year-to-date, Block stock is down about 5.0% at writing.<\/p>\n<h2>Should you buy Block stock now?<\/h2>\n<p>Block ended the quarter with 20 million monthly active users on \u201cCash Card\u201d \u2013 up 34%. Earlier this week, K33 analyst Vetle Lunde <a href=\"https:\/\/www.marketwatch.com\/amp\/story\/bitcoin-could-soon-reach-45-000-if-this-pattern-repeats-analyst-says-has-the-crypto-started-a-new-bull-market-8dc1701a?mod=mw_quote_news\" target=\"_blank\" rel=\"noopener\">noted<\/a> the similarity in how bitcoin is performing this year and how it recovered after the bear market of 2018-2019.<\/p>\n<p>If it continued on the same trajectory, he added, bitcoin could be worth as much as $45,000 in the coming weeks which could be a significant benefit to Block Inc both in terms of its financial performance as well as the share price.<\/p>\n<p>Those interested in buying Block stock today should also know that analysts at KeyBanc continue to see upside in it to $85 \u2013 up roughly 40% from here.<\/p>\n<p>Other notable bulls of the financial technology company include <a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-news-today-03-24-2023\/card\/cathie-wood-s-ark-buys-dip-in-block-coinbase-WCR1JILbLudmIm2K6p5G\" target=\"_blank\" rel=\"noopener\">Cathie Wood<\/a> \u2013 the Founder and Chief Executive of Ark Invest.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/buy-block-stock-bitcoin-revenue-q1\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Block didn\u2019t see an impairment loss on its bitcoin holdings in Q1. Analysts at KeyBanc continue to see upside in its shares to $85. Block stock is currently down about 5.0% versus the start of 2023. Block Inc says it did not see [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":20582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20581"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=20581"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/20582"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=20581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=20581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=20581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}