Block Holds $130M Worth Bitcoin: CFO Says ‘Internet Needs a Currency’

Lavina Daryanani
Coincu News

Irrespective of the market conditions, top companies have been holding Bitcoin on their balance sheets. With around 130k BTC, MicroStrategy continues to be the top holder. Other companies, including Tesla, Coinbase, Marathon Digital, and Block, also have a significant number of BTCs.

Block CFO and COO Amrita Ahuja confirmed the amount of BTC held by the company in a recent interview with CNBC’s Squawk Box. She said,

“Over $130 million of Bitcoin are on our balance sheet as of the end of the year, with the fair market value being above that.”

Also Read: MicroStrategy To Unveil Bitcoin Lightning Solutions In Q1 2023: Saylor

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The Internet needs a currency: Block CFO

Block recently reported that it earned $1.83 billion in BTC revenue via its Cash App unit during the fourth quarter of 2022. The same marked a 7% decline year over year, but it was higher than the third quarter figure of $1.76 billion.

However, this has not dented Block’s conviction. Elaborating on the ultimate goal, the executive said,

“Ultimately for us, this is a long-term, potentially transformational initiative to build utility into the Bitcoin ecosystem.”

Notably, the firm first announced the integration of Lightning Network on Cash App back in February last year. However, during the fourth quarter, it added additional support for enabling the transfer of Bitcoin via QR codes and links.

Read More: Cash App enables support for Bitcoin transactions via Lightning Network

Further elaborating on how Block is building utility in the Bitcoin ecosystem in a “disciplined” way, Ahuja said,

“We believe that the Internet needs a currency that will help bring down inefficient costs in the system that exists right now, particularly for underserved consumers around the world and in emerging markets. So our focus here is on the ways in which we can help build resilient utility in the Bitcoin ecosystem, but we’re doing that in a disciplined way.”