Block, owned by entrepreneur Jack Dorsey, increased its Bitcoin holdings during the second quarter of the year, adding 108 new units valued at approximately $12.6 million at current prices. Thus, the company's wallet reached 8,692 Bitcoin units, exceeding a value of one billion dollars, ranking thirteenth globally among public companies holding the currency.
This expansion was supported by strong financial performance, with the company achieving revenue of $6.05 billion, an 8.2% increase in gross profit to $2.54 billion. Bitcoin sales through Cash App contributed to revenues of $2.14 billion and gross profit of $66 million, underscoring the increasing role of the currency in the company's business model.
Thanks to these results, Block surpassed Wall Street expectations and raised its annual earnings estimates to $10.17 billion, driven by growth in lending services via Cash App, continued payment activity through the Square network, along with innovative plans to integrate Bitcoin into everyday financial uses.
Some of its recent highlights:
Increasing withdrawal limits on Cash App.
Empowering Square sellers to accept Bitcoin payments.
Launching a new initiative in mining to expand participation in the network.
Launching the self-custody Bitkey wallet, which gives users full control over their digital assets.
Despite recording unrealized losses of $212 million due to the recent decline in Bitcoin prices, the company reaffirmed its long-term vision, considering that the currency should become a daily payment method. It also strengthened its position by joining the S&P 500 index in July, which pushed its stock up by 7%.
CFO Amrita Ahuja told CNBC that Bitcoin could become the "open protocol" that powers the internet, citing its speed and potential to transform from "digital gold" to a practical digital currency.
With over 8 million users trading Bitcoin through Cash App, and ongoing initiatives to expand access, Block proves to be one of the leading companies striving to integrate Bitcoin into everyday life through innovation and the development of digital infrastructure.
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