Jack Dorsey adds more Bitcoin, Block's profits surge

Block Inc., Jack Dorsey's fintech company, continues its strategy of accumulating Bitcoin by purchasing an additional 108.$BTC in Q2 at a cost of 11 million USD, bringing its total holdings to 8,692 BTC – valued at approximately 1.15 billion USD at current prices (~117,000 USD/BTC).

The 10-Q report shows that Block achieved revenue of 6.05 billion USD (up 1.5% from Q1) and a gross profit of 2.54 billion USD (up 8.2%). Revenue from Bitcoin sales via Cash App reached 2.14 billion USD, yielding a gross profit of 66 million USD. The company recorded a gain of 212.2 million USD from the reevaluation of BTC, contrasting with a loss of 70.1 million USD in the same period last year.

#Block maintains a step-by-step accumulation approach, unlike MicroStrategy's aggressive buying strategy. According to Charmaine Tam (Hex Trust), this method allows businesses to integrate Bitcoin into their treasury without incurring excessive capital risk.

In addition to holding BTC, Block is also developing Bitcoin payments through the Square network and mining hardware through Proto. Block's stock rose 6% after hours, and the company has just been added to the S&P 500 index.

Tam noted that creating practical applications for Bitcoin is the most sustainable factor to drive the long-term success of the ecosystem. #anhbacong