Jack Dorsey’s Block Adds $12.6M in Bitcoin, Hits $1B BTC Milestone

• 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.