The company quietly added 108 BTC in the second quarter, lifting its holdings to 8,692 BTC — now valued among the largest corporate treasuries in the crypto space.
Despite booking a $212 million markdown due to price volatility, Bitcoin-related activity through Cash App helped push gross profit to $2.54 billion, up more than 8% from last year. Total revenue reached $6.05 billion.
Cash App once again led growth, with gross profit surging 16% to $1.50 billion. Features like short-term lending, expanded card usage, and buy-now-pay-later options fueled the jump.
Although its user base has plateaued at 57 million monthly accounts, executives said deeper engagement will drive second-half gains rather than new signups.
Square, Block’s merchant arm, processed $64.25 billion in payments — a 10% increase year-on-year — and is preparing to roll out Bitcoin mining chips through its Proto division. Both consumer and merchant services are expected to benefit from tighter BTC integration.
Recently added to the S&P 500, Block now sits alongside companies such as MicroStrategy, Marathon Digital, and Metaplanet in treating Bitcoin as a strategic reserve asset.
Dorsey remains convinced BTC is the only truly decentralized digital money capable of becoming the “native currency of the internet,” while acknowledging stablecoins’ utility in remittances.
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