In its fourth-quarter earnings report released on Thursday, Block, a fintech company, disclosed a remeasurement gain of $207 million on its bitcoin (BTC) holdings. As of December 31, 2023, Block held approximately 8,038 BTC for investment purposes, valued at $340 million.

The company, owned by Jack Dorsey, reported a gross profit of $66 million from bitcoin sales made through Cash App, a banking services platform, marking a 90% increase compared to the previous year.

According to the report, the total revenue generated from bitcoin sales to customers amounted to $2.52 billion, showing a 37% year-over-year increase. This growth in bitcoin revenue and gross profit was attributed to both the rise in the average market price of bitcoin and the appreciation of Block’s bitcoin inventory during the quarter.

According to data, shares of Block (NASDAQ: SQ) have surged by 13% in after-hours trading, reaching $76. Block reported a 22% yearly growth in gross profit, totaling $2.03 billion. Within the company, Square saw a gross profit increase of 18% year over year, amounting to $828 million, while Cash App generated a gross profit of $1.18 billion, marking a 25% increase compared to the previous year.