Block, whose chairman and co-founder is Jack Dorsey, recorded an impairment charge of $2 million on its bitcoin investment during the third quarter. As of Sept. 30, the fair value of Block’s bitcoin investment was $156 million based on “observable market prices,” which was $45 million greater than the carrying value of the investment after impairment charges, the company noted.
Source: https://www.coindesk.com/business/2022/11/03/jack-dorseys-block-sees-drop-in-bitcoin-revenue-as-consumer-demand-crypto-prices-slump/?utm_medium=referral&utm_source=rss&utm_campaign=headlines