Block Inc., formerly known as Square, made modest investments in bitcoins totaling €220 million in 2020 and 2021. Since then, it has recorded impairments of €77 million, leaving a book value of €148 million. This is not a huge bitcoin investment commitment compared to MicroStrategy. However, revenue from fees to facilitate cryptocurrency purchases and sales represents 59% of Block's gross revenue as of September 30, 2021. Gross margins on cryptocurrency transactions were only 2% and represent only 5% of total gross margin, but the revenue from this business now dwarfs their traditional transaction fees.