Home Cryptocurrency Should you buy Block stock on a boost to bitcoin revenue in Q1?

Should you buy Block stock on a boost to bitcoin revenue in Q1?

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  • Brock did not confirm any impairment losses on its bitcoin holdings in the first quarter.
  • KeyBanc analysts continue to expect the stock to climb to $85.
  • Block stocks are now down about 5.0% compared to early 2023.

Block Inc said it did not see any impairment losses related to its bitcoin holdings in the first quarter. Stocks have been trading for a long time.

Bitcoin price recovery helped

BTC’s surge this year has pushed Bitcoin revenues for fintech firms to $2.16 billion in Q1. That’s an 18% increase quarter over quarter and a whopping 25% increase over the same quarter last year.

Gross profit from bitcoin holdings also increased 43% quarter-on-quarter. letter to shareholdersBlock generated a total gross profit of $770 million in the recently closed quarter. This is a 16% increase over the previous year.

The fair value of the position in Bitcoin was $229 million as of March 31stst Against the original purchase price of $220 million.

Year-to-date, the block stock is down about 5.0% at the time of writing.

Should I buy block stocks now?

Block ended the quarter with 20 million monthly active Cash Card users, up 34%.Earlier this week, K33 analyst Vetle Lunde said I got it Similarities between Bitcoin’s performance this year and recovery after the 2018-2019 bear market.

Continuing on the same trajectory, Bitcoin could be worth up to $45,000 in the coming weeks, which could be a big win for Block Inc in terms of both financial performance and share price, he added. .

Those interested in buying block stocks today should also be aware that KeyBanc analysts continue to see an upside to $85.

Other notable bulls in financial technology companies include: Cathy Wood – Founder and CEO of Ark Invest.

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