The post Jack Dorsey’s Block Adds $12.6M in Bitcoin, Hits $1B BTC Milestone appeared first on Coinpedia Fintech News
Block increases Bitcoin holdings to 8,692 BTC worth over $1 billion
Q2 revenue hits $6.05B
Company rolls out new Bitcoin initiatives, joins S&P 500, and pushes to make BTC everyday money
Block, a leading fintech company, is expanding its Bitcoin treasury while rolling out launching new initiatives that could change how people use digital money.
Block Holds Over $1 Billion in BTC
In Q2, Jack Dorsey’s Block Inc. boosted its Bitcoin holdings by 108 BTC, adding roughly $12.6 million worth of Bitcoin at current prices. This latest buy increases Block’s total Bitcoin stash to 8,692 BTC, now valued at over $1 billion.
Block now ranks as the 13th largest public company holding Bitcoin, joining the growing trend of corporate Bitcoin treasury adoption following MicroStrategy’s playbook.
Q2 Earnings Beat Market Expectations
Block recently posted a strong Q2 earnings report with $6.05 billion in total revenue, and gross profit rising 8.2% to $2.54 billion. Notably, out of Block’s total revenue, $2.14 billion came from Bitcoin sales through Cash App, earning a $66 million gross profit.
The company outperformed Wall Street’s estimates and raised its full-year profit forecast to $10.17 billion, underscoring its strong growth trajectory.
Making Bitcoin ‘Everyday Money’
Growth was driven by Cash App’s lending services and steady payment activity through the Square merchant network.
The company has recently taken several steps to integrate Bitcoin more deeply into its ecosystem:
Increased Bitcoin withdrawal limits on Cash App
Enabled Square sellers to accept BTC payments
Set to launch a proto-mining initiative next week aimed at “democratizing the mining ecosystem”
Introduced BitKey, a self-custody wallet product
While Block recorded a $212 million unrealized loss on its Bitcoin holdings due to recent price drops, its long-term focus remains on making BTC spendable in everyday life.
On July 23, Block joined the S&P 500 index, which led to a 7% rise in its share price. This milestone reflects the company’s growing influence in both the tech and financial sectors.
CFO’s Vision for Bitcoin’s Future
In a recent interview with CNBC, Block’s CFO Amrita Ahuja said “We think Bitcoin can be the open protocol that powers the internet” and believes it can “move at the speed of the internet.” While many see Bitcoin as just ‘digital gold’, she says that it has the opportunity to move to currency.
With 8 million Cash App users trading Bitcoin, a billion-dollar BTC treasury, and new initiatives aimed at accessibility, Block is positioning itself at the forefront of Bitcoin adoption.
Block is leading the way in making Bitcoin a practical part of everyday life through innovation and wider accessibility.