Block Q3 Bitcoin business gross profit down 50% to $52 million

on November 4, that according to a shareholder letter filed by Block with the U.S. Securities and Exchange Commission, the Bitcoin ecosystem business reported approximately $1.8 billion in third-quarter revenue and a gross profit of $52 million, down 50% year over year.

During the same period, Block's total gross profit reached $3.24 billion, up 22% year over year; Cash App gross profit was $2.07 billion, up 27% year over year, and Square gross profit was $1.16 billion, up 14% year over year.