Block Doubles Down on Bitcoin Holdings as Q2 Profits Soar—Wall Street Scrambles to Keep Up

Bitcoin just got another corporate bull. Block—the fintech giant formerly known as Square—is loading up on BTC as its treasury strategy pays off big.

The Bitcoin Bet That’s Beating Traditional Finance

While legacy banks fret over compliance paperwork, Jack Dorsey’s empire quietly added millions worth of bitcoin to its balance sheet last quarter. The move comes as Block’s crypto division posts record revenue—proving once again that crypto-native companies innovate while dinosaurs debate ‘volatility risks.’

Q2 Numbers Don’t Lie

No need for creative accounting here. Block’s earnings smashed expectations, fueled by bitcoin adoption across Cash App and its mining initiatives. The exact figures? Buried in the SEC filings where Wall Street analysts are currently scrambling to update their ‘crypto is a fad’ PowerPoint decks.

The Cynic’s Corner

Meanwhile, traditional asset managers still charging 2% fees for 5% returns are now ‘evaluating digital asset exposure’—translation: desperately hiring 22-year-olds to explain what a blockchain is.

Block Adds 108 Bitcoin in Q2

According to a filing with the U.S. Securities and Exchange Commission (SEC), Block Inc. purchased 108 additional BTC during the second quarter of 2025. This brings the company’s total Bitcoin holdings to 8,692 BTC, solidifying its position among the top corporate holders of the asset.

The expansion aligns with CEO Jack Dorsey’s belief that Bitcoin is the “native currency of the Internet” and the only truly decentralized FORM of digital money. Dorsey has consistently supported Bitcoin’s integration into Block’s ecosystem since the company first made BTC part of its treasury strategy in 2020.

Despite the purchase, Block recorded a revaluation loss of $212.17 million on its Bitcoin holdings in Q2, due to a decline in the fair market value of BTC. This is in contrast to the same period last year, when the company posted a gain of $70.12 million on its BTC assets.

Strong Financial Results Driven by Cash App

Block’s total Q2 revenue reached $6.05 billion, while gross profit ROSE 8.2% year-over-year to $2.54 billion. A significant portion of this profit came from Bitcoin-related revenue on Cash App, which continues to be one of Block’s most important growth engines.

Cash App’s gross profit alone stood at $1.50 billion, marking a 16% increase year-over-year. This beat analyst forecasts and was largely driven by the growing popularity of its short-term lending product “Borrow,” as well as increased use of Cash App cards and buy-now-pay-later (BNPL) features.

The app’s user base held steady at 57 million monthly active users, a plateau CFO Amrita Ahuja addressed directly. She noted that future revenue growth will come from higher engagement levels, not necessarily a larger user base.

“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,” Ahuja explained. “Instead, our focus is on maximizing the utility and engagement of existing users.”

Square’s Merchant Business and Bitcoin Vision

Block’s Square merchant ecosystem also saw continued growth, processing $64.25 billion in payments during Q2, up 10% compared to the previous year. The company expects further momentum from expanding BNPL options and the ongoing rollout of Bitcoin-related products.

One such initiative is the Proto division, which is working on the company’s first Bitcoin mining chips. These chips are part of Dorsey’s broader plan to decentralize and democratize Bitcoin mining, potentially making it more accessible and efficient for a wider range of users and businesses.

The company’s performance and strategic investments have not gone unnoticed. Block was recently added to the S&P 500, placing it among the most influential publicly traded companies in the U.S. The inclusion reflects both financial strength and increasing relevance in the broader economy.

Bitcoin on the Balance Sheet: A Growing Trend

With nearly 8,700 BTC in corporate holdings, Block now stands alongside firms like MicroStrategy, Marathon Digital Holdings, and Metaplanet, all of which have made significant Bitcoin allocations.

This trend reflects a growing belief among corporate leaders that Bitcoin serves as a hedge against inflation and a long-term bet on decentralized finance. Public companies embracing BTC are also making it easier for institutional investors to gain exposure to crypto without directly purchasing digital assets.

Dorsey remains a firm believer in Bitcoin’s Core principles. In a recent call, he doubled down on his belief that BTC is “net new” digital money—unlike stablecoins, which are typically pegged to traditional fiat currencies. While he acknowledged the usefulness of stablecoins in cross-border remittances, he emphasized that Bitcoin holds unmatched potential as a global, censorship-resistant currency.

Analyst Outlook and Market Reactions

Following the Q2 report, Block raised its full-year profit outlook, citing stronger-than-expected performance across multiple business segments. Analysts reacted positively, highlighting the resilience of Cash App, ongoing product innovation, and strategic focus on Bitcoin integration.

Some industry observers believe Block’s Bitcoin-centric strategy gives it a unique edge in a crowded fintech landscape. By embedding BTC into multiple areas—from consumer apps to merchant services and mining hardware—the company is building a digital economy rooted in decentralization.

At a time when other firms are cautiously navigating the crypto space, Block’s aggressive Bitcoin strategy may prove to be a differentiator in the long run.

Conclusion

Block Inc.’s second-quarter performance highlights a strong alignment between financial results and strategic vision. The combination of rising profits, robust fintech growth, and expanding Bitcoin holdings shows that Jack Dorsey’s company is positioning itself at the intersection of financial technology and decentralized currency.

As regulatory clarity improves and mainstream adoption grows, Block’s early and ongoing bet on Bitcoin could continue to deliver value—not just to shareholders, but also to the broader crypto economy.