Block Smashes Records: Jack Dorsey’s Firm Pours Another $12.6M Into Bitcoin, Crossing $1B BTC Holdings

Bitcoin just got a billion-dollar vote of confidence—and Wall Street’s still pretending it’s a 'fad.'

Jack Dorsey’s Block, Inc. just dropped another $12.6 million into BTC, pushing its total stash past the $1 billion mark. The move doubles down on Dorsey’s laser-eyed crypto evangelism while traditional finance clutches its pearls.

No hedging, no ETFs—just cold, hard self-custodied bitcoin. Meanwhile, hedge funds are still over here 'diversifying' with 0.0001% crypto allocations. How’s that working out?

One thing’s clear: while bankers debate 'store of value' theories, Block’s stacking sats like there’s no tomorrow. Probably because, for fiat? There might not be.

• 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.

After this move, Block’s XYZ stock surged nearly 10% which shows strong excitement around corporate Bitcoin adoption. 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.

JUST IN:“Bitcoin can be the open protocol that powers the internet.” –@AmritaAhuja , Block Inc. CFO pic.twitter.com/uG9hqLGRvU

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.