Block's Q3 Bitcoin business gross profit declined 50% to $52 million

According to a TechFlow report on November 4, Block's shareholder letter filed with the U.S. Securities and Exchange Commission showed that its Bitcoin ecosystem business generated approximately $1.8 billion in Q3 revenue and $52 million in gross profit, down 50% year over year. The company said the gross profit decline was mainly due to proactively reducing fees on certain Bitcoin transactions on Cash App.

During the same period, Block's total gross profit was $3.24 billion, up 22% year over year; Cash App gross profit was $2.07 billion, up 27% year over year, and Square gross profit was $1.16 billion, up 14% year over year.

Source: TechFlow