7 Most Profitable Cryptocurrency Stocks To Invest In

2. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 59

TTM Net Income: $680.77 Million

Block, Inc. (NYSE:SQ) is a technology company that focuses on financial services and helps expand access to the economy. Block comprises Square, Cash App, Spiral, TIDAL, and TBD. Square offers an integrated ecosystem of commerce solutions, business software, and banking services for sellers to grow their business while Cash App allows sending, spending, or investing money in stocks or bitcoin. Spiral advances the use of Bitcoin by building and funding free, open-source projects whereas TIDAL is a platform for musicians and their fans. TBD eases access to Bitcoin and other blockchain technologies.

Block, Inc.’s (NYSE:SQ) growth remains at scale with rising profitability.  The core businesses are robust with adjusted operating income margins growing significantly for both Square and Cash App. The firm has also expanded its addressable market over time. With Square representing a nearly $130 billion gross profit opportunity and Cash App representing a nearly $75 billion gross profit opportunity in the US, the market potential is strong.

The strong profitable growth across Block depicts that its ecosystems are efficiently delivering differentiated value to its customers. The firm has also shifted to a functional organizational structure to improve collaboration across ecosystems. Previously, Block acquired Afterpay to strengthen sales across Square and Cash App. While Afterpay has inculcated a high-performing sales culture into parts of Block’s business, the firm wants to extend this across the company.

In the fiscal second quarter, the firm’s gross profit grew 20% year-over-year to $2.23 billion. Square had a gross profit of $923 million, up 15% and Cash App had a gross profit of $1.30 billion, up 23%, year-over-year. Block witnessed improvement across all profitability measures including adjusted EBITDA which climbed 98% year-over-year.

Block, Inc. (NYSE:SQ) is a promising cryptocurrency stock that has demonstrated growing profitability and strength across the business. The stock has 59 hedge fund holders, as of Q2 2024.