- The block did not take a loss on its bitcoin holdings in Q1.
- KeyBanc analysts see an upside to $85 on its shares.
- Compared to the start of 2023, Block stock is currently down about 5.0%.
Block Inc says it hasn’t seen loss related Bitcoin Hoarding in the first financial quarter. Shares are trading in extended hours.
bitcoin price recovery helped
The surge in BTC this year boosted the fintech company’s bitcoin revenue to $2.16 billion in the first quarter – up 18% sequentially and 25% over the same quarter last year.
According to it, gross profit from bitcoin holdings also increased by 43% compared to the previous quarter. letter to shareholders, Block generated $770 million in total gross profit in the recently ended quarter – up 16% year-over-year.
The fair value of its position in bitcoin as of March 31 was $229 millionscheduled tribe compared to the original purchase price of $220 million.
Year-to-date, Block stock is down about 5.0% at the time of writing.
Should You Buy Block Stock Now?
Block ended the quarter with 20 million monthly active users on “Cash Card” — up 34%. Earlier this week, K33 analyst Vettel Lunde noted Similar to how bitcoin is performing this year and how it recovered after the 2018-2019 bear market.
He added that if it continues on the same path, bitcoin could be priced as high as $45,000 in the coming weeks, which could be a significant gain for both Block Inc.’s financial performance as well as its share price.
Those interested in buying Block stock today should also be aware that analysts at KeyBanc see it rising as high as $85 — up nearly 40% from here.
Other notable bulls from the fintech company include Cathy Wood Founder and CEO of Arc Invest.