Jack Dorsey’s Block Boosts BTC Holdings in Q2 as Earnings Beat Wall Street Expectations

Highlights
- Block expanded its Bitcoin treasury, adding 108 BTC in Q2, bringing total corporate holdings to 8,692 BTC.
- Block's gross profit hit $1.50B, up 16% YoY, driven by lending and Cash App cards.
- CEO Jack Dorsey reaffirms BTC as the only truly decentralized digital money and the “native currency of the Internet.”
Jack Dorsey’s Block has built on its Bitcoin strategy while delivering quarterly results stronger than Wall Street’s forecasts. This signals continued confidence in both its fintech ecosystem and the long-term value of BTC.
Block Adds to BTC Treasury in Q2
According to a U.S. SEC filing, Block Inc. acquired an additional 108 BTC, pushing its corporate holdings to 8,692 BTC in total. The move aligns with CEO Jack Dorsey’s long-standing vision of integrating BTC deeply into the digital economy. The document revealed total revenue of $6.05 billion for Q2. Gross profit rose more sharply, climbing 8.2% to $2.54 billion, thanks to Bitcoin-related revenue from Cash App.
However, Block recorded a revaluation loss of $212.17 million on its Bitcoin holdings this quarter, attributed to a decline in the fair value of Bitcoin. Last year in the same quarter, the company had posted a revaluation gain of $70.12 million.
According to a recent Bloomberg report, the company boosted its full-year profit outlook after posting second-quarter earnings that far exceeded Wall Street forecasts. Analysts credited robust growth in the company’s Cash App lending products and steady payment processing volumes via its Square merchant network.
Cash App’s gross profit reached $1.50 billion in Q2, a 16% year-over-year increase and well above expectations. Much of that growth came from its “Borrow” short-term lending feature, along with increased adoption of Cash App cards and its buy-now-pay-later offering.
Interestingly, the app’s active user base has plateaued at around 57 million monthly transactors. CFO Amrita Ahuja said revenue acceleration in the second half of 2025 will not depend on user growth, but on deeper engagement from existing customers. “For our guidance in 2025 with acceleration in the back half of the year, you do not need to believe that there’s further growth on our active figure,” added Amrita.
Square and the Bitcoin Integration Push
Beyond consumer banking, Block’s Square merchant network processed $64.25 billion in payments in Q2, growing 10% from last year. The company expects future growth from expanding the buy-now, pay-later options on the Cash App card. This will deliver its first Bitcoin mining chips via the Proto division and strengthen merchant services.
This growth follows Block’s recent inclusion in the S&P 500, marking its recognition among the 500 leading publicly traded companies in the United States. With nearly 8,700 BTC on its books, Block joins the ranks of other high-profile corporate holders such as MicroStrategy and Marathon Digital Holdings. This growing trend of public companies such as Metaplanet adding BTC to their balance sheets is seen as a hedge against inflation and a long-term bet on the future of decentralised money.
Dorsey reiterated his stance that Bitcoin remains the only truly decentralized, “net new” form of digital money. While he acknowledged the role of stablecoins in remittances, he stressed that BTC offers unmatched properties for becoming the “native currency of the Internet.”
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