Market cheers Jack Dorsey's Block despite tight bitcoin spreads

Twitter founder Jack Dorsey’s bitcoin-focused fintech venture Block Inc (NYSE:SQ) (formerly Square), which runs the popular Cash App, clocked over $21.9 billion in net revenues in 2023, marking a 25% increase from 2022. Bitcoin-based revenues accounted for the lion’s share of revenues, with $9.5 billion accrued from purchases and sales of the benchmark cryptocurrency. However, extremely tight spreads mean gross bitcoin profits were less than 3%. Block applies a small margin when facilitating bitcoin purchas ...