Jack Dorsey’s Block Sees Drop in Bitcoin Revenue as Consumer Demand, Crypto Prices Slump

Jack Dorsey’s Block Sees Drop in Bitcoin Revenue as Consumer Demand, Crypto Prices Slump

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Block, whose chairman and co-founder is Jack Dorsey, recorded an impairment charge of $2 million on its bitcoin investment during the third quarter. As of Sept. 30, the fair value of Block’s bitcoin investment was $156 million based on “observable market prices,” which was $45 million greater than the carrying value of the investment after impairment charges, the company noted.

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