Block Inc., a leading fintech company, is expanding its Bitcoin treasury while launching new initiatives that could change how people use digital money.
In Q2, Jack Dorsey’s Block Inc. boosted its Bitcoin holdings by 108 BTC. The latest buy increases Block’s total Bitcoin stash to 8,692 BTC, now valued at over $1 billion.
Block now joins the ranks of major public companies holding Bitcoin, ranking as the 13th largest corporate Bitcoin holder and following MicroStrategy’s playbook on Bitcoin adoption.
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.
The company outperformed Wall Street’s estimates and raised its full-year profit forecast to $10.17 billion, underscoring its strong growth trajectory.
The company has taken several steps to integrate Bitcoin more deeply into its ecosystem:
While Block saw a revaluation loss of $212 million 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.
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 that 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 millions of 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.
The demand for Gold as a global reserve currency has surged in the past year.…
Justin Sun, the founder of the Tron (TRX) chain, has claimed initial unlock for his…
Shiba Inu’s price chart has been flashing signals that give traders reason to feel upbeat…
The altcoin market cap is testing the edge of record territory, with prices consolidating just…
For years, the crypto market has revolved around Bitcoin (BTC) dominance. Yet with every cycle,…
The crypto market is once again a buzzing space, and XRP has landed itself in…
