Block shares jump 7.9% as BTC write-down hit Q1 loss

Block wey get BTC exposure report say dem loss net $309M for Q1 2024, mainly because dem take impairment charge of $172.8M on their 8,883 BTC after BTC drop 23.8% during the quarter. Even with the loss, Block shares climb about 7.9% for after-hours trading to near $75.70, and EPS of $0.85 beat expectations. Fiscal impact for Block mixed: gross profit up 27% to $2.9B. But Bitcoin-linked transaction revenue fall year-on-year from $2.33B to $1.8B, because BTC price wahala and lower Cash App Bitcoin transaction fees. Block also revise their outlook upwards. For crypto traders, Block update show say market sentiment fit still remain resilient even with BTC-linked accounting pressure. For payments adoption, more than 800,000 US businesses fit accept Bitcoin by late April. For demand/monetization side, costs jump sharp: operating expenses rise 57.2% to $3.08B, including February job cuts of about 4,000 staff and push toward AI-driven automation. Block still dey expand their BTC product stack: verifiable reserves, Bitkey touchscreen hardware wallet, automated conversion in Cash App, higher merchant cashback (5%), and increased customer withdrawal limits. Net: short-term BTC volatility remain key swing factor, while Block’s BTC infrastructure and adoption efforts fit support medium-term sentiment.