- Block did not see a drop in its bitcoin holdings in the first quarter.
- KeyBanc analysts continue to see its shares surge to $85.
- Block stocks are currently down about 5.0% compared to the beginning of 2023.
Block Inc says it did not see an impairment loss related to its bitcoin storage in the first fiscal quarter. Stocks are traded at long hours.
Help recover the bitcoin price
The rally in BTC this year pushed the fintech’s Bitcoin revenue in the first quarter to $2.16 billion — up 18% sequentially and 25% over the same quarter last year.
Total profit from bitcoin holdings was also up 43% sequentially, according to its letter to shareholders. The block generated $770 million in gross profit in the most recently ended quarter — up 16% year-over-year.
The fair value of her bitcoin position was $229 million as of March 31street For the original purchase price of $220 million.
Year-to-date, the block stock is down 5.0% as of writing.
Should you buy Block shares now?
Block finished the quarter with 20 million monthly active users on Cash Card – up 34%. Earlier this week, analyst at K33 Vetle Lunde pointed out the similarities in how Bitcoin has performed this year and how it has recovered after the 2018-2019 bear market.
He added that if it continues on the same path, Bitcoin could reach $45,000 in the coming weeks, which could be very beneficial for Block Inc in terms of its financial performance as well as the share price.
Those interested in buying Block shares today should also know that analysts at KeyBanc continue to see an upside move to $85 – up nearly 40% from here.
Other notable fintech bulls include Cathy Wood – founder and CEO of Ark Invest.