Jack Dorsey’s Block Goes Full Bull: Scoops Up 108 Bitcoin in Q2 as Revenue & Profits Surge
Block just doubled down on its bitcoin bet—while Wall Street analysts were busy downgrading crypto stocks.
The Dorsey Effect Strikes Again
Square's parent company added 108 BTC to its treasury last quarter, proving the Twitter founder's laser-eyed conviction hasn't wavered. The move comes as Block posts higher revenue and profit—numbers that actually exist, unlike some 'web3 metrics.'
Miners vs. Money Printers
While legacy banks pay 0.01% on savings accounts, Block's bitcoin stack now generates more yield than a Goldman Sachs tax loophole. The company's crypto division outperformed traditional payment processing—again.
Another quarter, another middle finger to the 'crypto is dead' narrative. Though let's see if they HODL through the next SEC lawsuit.
Accumulation strategy
The Q2 purchase continues a pattern of steady bitcoin buying that has characterized Block's approach under CEO Jack Dorsey.
"While MicroStrategy's strategy is a high-conviction model for a bitcoin-first company, Block's measured approach is a far more sustainable and realistic blueprint for mainstream corporate adoption," Charmaine Tam, head of OTC trading at Hex Trust, told Decrypt.
The company had accumulated approximately 207 BTC in Q1, with a combined cost basis of $20.6 million for both quarters.
Block has integrated crypto across multiple business lines, including plans to enable bitcoin payments through its Square merchant network and development of bitcoin mining hardware through its Proto division.
Tam said Block's incremental accumulation alongside its operational business demonstrates "how a company can prudently integrate the asset into its treasury without taking on the same level of capital risk."
Block shares jumped 6% in after-hours trading following the report’s release. The fintech company was added to the S&P 500 index last month.
“While treasury adoption is a valuable first step, creating tangible utility through real-world products is the most powerful and sustainable driver of long-term success for the ecosystem,” Tam added.
