tl;dr
Block Inc., led by Jack Dorsey, continued its bitcoin accumulation in Q2 by purchasing 108 BTC, raising its total holdings to 8,692 BTC. The company reported Q2 revenue of $6.05 billion, a 1.5% increase from Q1, with gross profit rising 8.2% to $2.54 billion. Bitcoin sales via Cash App generated $2....
Jack Dorsey’s Block Inc. maintained its bitcoin accumulation strategy in Q2, purchasing an additional 108 BTC to bring its corporate treasury holdings to a total of 8,692 BTC. The company reported a total revenue of $6.05 billion for the quarter, marking a 1.5% increase from $5.96 billion in Q1. Gross profit rose 8.2% to $2.54 billion, up from $2.33 billion in the previous quarter, according to the latest 10-Q filing submitted to the U.S. Securities and Exchange Commission.
Out of the total revenue, $2.14 billion was generated from Bitcoin sales through Cash App, which contributed a gross profit of $66 million from the world’s largest cryptocurrency. The new Bitcoin acquisition, with a cost basis of $11 million, aligns with Block’s steady accumulation strategy, increasing the total Bitcoin investment to approximately $1.15 billion based on the current market value near $117,000 per BTC, as reported by CoinGecko.
During the quarter, Block recognized a $212.2 million gain from the revaluation of its bitcoin holdings, a significant turnaround from the $70.1 million loss in the same period last year. This continuation of steady bitcoin buying exemplifies Block's measured approach under CEO Jack Dorsey, contrasting with more aggressive strategies such as that of MicroStrategy. Charmaine Tam, head of OTC trading at Hex Trust, noted that Block’s incremental acquisition strategy presents a sustainable and realistic model for mainstream corporate bitcoin adoption.
In Q1, Block had acquired about 207 BTC with a combined cost basis of $20.6 million across both quarters. Beyond accumulation, Block has woven cryptocurrency integration into multiple business sectors, including plans to enable bitcoin payments through its Square merchant network and development of bitcoin mining hardware via its Proto division.
Tam emphasized that Block’s gradual investment alongside its core operations illustrates prudent asset integration without assuming high capital risk. Following the earnings report, Block’s shares surged 6% in after-hours trading. The company also gained inclusion in the S&P 500 index last month, signaling growing recognition by mainstream investors. Tam concluded that while treasury bitcoin adoption is important, the true long-term value lies in creating tangible real-world applications within the crypto ecosystem.