Block, the payments company led by Jack Dorsey, recorded $2.52 billion in the total bitcoin sales amount to customers in the fourth quarter of 2023, which grew 37% year-on-year, according to its latest earnings report released Thursday. 

The earnings report showed that the company gained $207 million in remeasured bitcoin holdings. Block held around 8,038 bitcoin at the end of last year, which was worth around $340 million at the time.

“The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the average market price of bitcoin as well as a benefit from the price appreciation of our bitcoin inventory during the quarter,” Block said in the report.

In the fourth quarter of last year, the company’s mobile payment platform Cash App profited $66 …