Block's Bitcoin Business Soars as Revenue Jumps 40% and Holdings Surge

Block's Bitcoin revenue grew nearly 40% to $2.42 billion while its Bitcoin holdings rose in value to $216 million.

Strong Cash App performance drove Block's total revenue up 24% to $5.62 billion.

Block shares soared 15% after hours as results beat analyst expectations.

Block's Bitcoin revenue now makes up 43% of total revenue.

Accounting rules prevent Block from booking gains on its Bitcoin holdings until sold.