Block Inc reported stagnation in its Bitcoin revenue for Q3 compared to the previous year, causing its shares to drop by 12.3% in after-hours trading. The company's total revenue rose 6.4% year-on-year to $5.98 billion, but fell short of analyst expectations of $6.17 billion. Their Bitcoin revenue, which consists of significant fees from customers, remained steady at approximately $2.43 billion. In response to these challenges, Block announced it would be winding down its decentralized finance business to reallocate resources towards its Bitcoin mining and wallet initiatives, including the self-custody wallet Bitkey. Despite the revenue miss, the company's quarterly gross profits rose 19% to $2.25 billion, aligning with analyst predictions. Bitcoin's price has remained relatively stable around $60,000 through Q3, although it peaked just below $77,000 on November 7.

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