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We may receive financial compensation from these third parties. Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. Other notable bulls of the financial technology company include Cathie Wood – the Founder and Chief Executive of Ark Invest. Those interested in buying Block stock today should also know that analysts at KeyBanc continue to see upside in it to $85 – up roughly 40% from here. If it continued on the same trajectory, he added, bitcoin could be worth as much as $45,000 in the coming weeks which could be a significant benefit to Block Inc both in terms of its financial performance as well as the share price. Earlier this week, K33 analyst Vetle Lunde noted the similarity in how bitcoin is performing this year and how it recovered after the bear market of 2018-2019. Should you buy Block stock now?īlock ended the quarter with 20 million monthly active users on “Cash Card” – up 34%. Year-to-date, Block stock is down about 5.0% at writing. The fair value of its position in bitcoin was $229 million as of March 31 st versus the original purchase price of $220 million. Block generated $770 million of total gross profit in its recently concluded quarter – up 16% on a year-over-year basis. Gross profit from bitcoin holdings also increased 43% versus the previous quarter, as per its letter to shareholders. The surge in BTC this year pushed the fintech company’s bitcoin revenue in Q1 to $2.16 billion – up 18% sequentially and a whopping 25% versus the same quarter last year. Block stock is currently down about 5.0% versus the start of 2023.īlock Inc says it did not see an impairment loss related to its bitcoin hoard in the first financial quarter.Analysts at KeyBanc continue to see upside in its shares to $85.Block didn’t see an impairment loss on its bitcoin holdings in Q1.

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