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2023 is set to see the cryptocurrency sector face regulatory and macroeconomic challenges, which have kept the prices of most cryptocurrencies relatively low. Despite the volatility the sector has witnessed over the past year, several companies have not lost hope in cryptocurrency contracts. Social networking platform Reddit and Jack Dorsey’s fintech company Block are two names that have recently revealed information related to their BTC holdings and investments, both generating profits.

The current cryptocurrency market capitalization is close to $2 trillion (about Rs. 1,65,78,200 crore), with Bitcoin currently trading at $51,017 (about Rs. 42.2 lakh). The cryptocurrency sector has seen an increase in valuation so far in 2024. Bitcoin was trading at $43,064 (about Rs. 35.8 lakh) in December last year.

Reddit and Block have disclosed investments in BTC, ETH, and other cryptocurrencies in new filings.

reddit

Reddit said in a filing with the U.S. Securities and Exchange Commission (SEC) that it purchased Bitcoin and Ethereum from the excess cash it had saved. The platform didn’t exactly disclose the exact value of the bitcoin it purchased, but filings show Reddit had $1.3 billion (roughly Rs. 10,778 crore) in cash by the end of 2023, a Coindesk report said. Friday, February 23rd.

This makes Reddit one of the few companies, along with MicroStrategy and Tesla, to have invested their cash reserves directly into purchasing BTC and ETH.

block it

Twitter (now X) founder and former CEO Jack Dorsey released the fourth quarter results of his fintech company Block on Thursday. According to the filing, the block held 8,038 BTC worth $340 million (about Rs 281.8 billion) on December 31, 2023. Currently, the token is worth $409 million (about 339.8 billion rupees).

Dorsey also said Block earned $66 million (about Rs. 547 crore) from selling BTC tokens through its subsidiary Cash App, a 90% increase from 2022.

“The increase in Bitcoin revenue and total profit compared to the previous year was due to gains from the increase in the average market price of Bitcoin and the price increase of Bitcoin stocks in the quarter,” Block said. According to another report from Coindesk.

Galaxy Digital Holdings, a commercial bank specializing in cryptocurrency, Voyager Digital, a cryptocurrency brokerage, and Marathon Digital, a Bitcoin mining company, are also investing in cryptocurrency.

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