Block Inc’s Bitcoin revenue stagnates in Q3, shares drop 12% on revenue miss
Block missed its revenue estimates for Q3 and said it is “winding down” its DeFi business to shift money into its Bitcoin mining and wallet businesses. Go to Source
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ARK Invest sells $31M in shares of Jack Dorsey’s Block
Jack Dorsey’s Bitcoin-friendly financial services firm Block saw its stock rally 13% in October, coming in line with bullish market action. Go to Source
20-Year Prison Sentence Looms for Man Accused of Crypto Money Laundering Scheme
A North Carolina man has been indicted for allegedly laundering more than $380,000 in a wire fraud scheme, according to the Department of Justice. The suspect is accused of moving illicit funds through payment platforms and cryptocurrency exchanges, transferring over $240,000 to crypto addresses. The money laundering conspiracy charge could result in a 20-year prison … Read more
Former Square, Coinbase execs raise $58M for Bridge stablecoin network
Bridge seeks to build a global stablecoin payment network to rival traditional systems like Swift and credit cards. Go to Source
Jack Dorsey’s Block to raise $1.5B in senior notes offering
Fitch Ratings notes that Block has used convertible debt for external funding since its IPO and is well-positioned to exploit the growth in payments and consumer financial services. Go to Source
Block Is Buying Bitcoin Every Month for Its Balance Sheet
Block Inc. has announced its strategy of regularly purchasing bitcoin for its corporate balance sheet via dollar-cost averaging (DCA). The company plans to allocate 10% of its monthly gross profit from bitcoin products towards investments in the cryptocurrency. “We view bitcoin as an instrument of global economic empowerment; it is a way for individuals around … Read more
Jack Dorsey’s Block to use 10% of Bitcoin profit to buy BTC every month
Block, Inc. co-founder Jack Dorsey told shareholders its Bitcoin-buying plan during an earnings call, saying its an “investment in a future where economic empowerment is the norm.” Go to Source
Block, Inc. Q1 results top estimates, shares jump after-hours
Block’s first-quarter 2024 results beat Wall Street analyst estimates on earnings and revenue which saw its share price surge after the bell. Go to Source
US probes Jack Dorsey’s Block, Inc. over financial transactions: Report
U.S. prosecutors are reportedly investigating the fintech firm after a whistleblower claimed it processed thousands of transactions for users from sanctioned countries and terrorist groups. Go to Source
Square merchants can now convert up to 10% of sales to Bitcoin via CashApp
Block gets one percent of every conversion. Go to Source
