Block has strengthened its Bitcoin position while delivering results that outperformed analyst predictions, reinforcing CEO Jack Dorsey’s vision of BTC as the backbone of a digital economy.
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.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/block-boosts-bitcoin-holdings-as-q2-profits-smash-expectations/