Bitcoin News Today: Block Adds 108 BTC in Q2 as Profits Rise 8% on Cash App Growth

Block’s recent financial performance has sparked renewed interest in its strategic use of Bitcoin, with the company significantly increasing its holdings in the second quarter while delivering profits that exceeded expectations. According to its latest financial report, Block added 108 BTC in Q2, raising its total Bitcoin reserves to 8,692 BTC — one of the largest corporate Bitcoin treasuries in the crypto space [1]. This move signals the company’s continued confidence in Bitcoin as a long-term asset, despite the volatile market environment.

Despite a $212 million markdown due to Bitcoin’s price fluctuations, the company’s Bitcoin-related activities through its Cash App platform helped push gross profit to $2.54 billion, marking an over 8% increase compared to the previous year. Total revenue for the quarter reached $6.05 billion [1]. The Cash App segment, which includes financial services like short-term lending, expanded card usage, and buy-now-pay-later options, contributed significantly to the results, with its gross profit surging by 16% to $1.50 billion [1].

Block’s user base has stabilized at 57 million monthly active accounts, with management indicating that future growth will stem from deeper engagement rather than new signups. Meanwhile, Square, the company’s merchant services arm, processed $64.25 billion in payments — a 10% increase year-on-year — and is preparing to roll out Bitcoin mining chips through its Proto division. The company expects further benefits from integrating Bitcoin more deeply into both consumer and merchant services [1].

Having recently been added to the S&P 500, Block now joins firms like MicroStrategy, Marathon Digital, and Metaplanet in using Bitcoin as a strategic reserve asset. CEO Jack Dorsey continues to advocate for Bitcoin as the “native currency of the internet,” emphasizing its decentralized nature while acknowledging the role of stablecoins in remittances and other use cases [1].

Block’s Q2 results reflect a broader shift in corporate strategy, where Bitcoin is increasingly being viewed not just as a speculative asset but as a foundational component of a diversified treasury portfolio. As the company continues to innovate in the fintech space, its growing Bitcoin holdings may serve as both a store of value and a strategic lever for future growth.

Source: [1] Block Boosts Bitcoin Holdings as Q2 Profits Smash Expectations (https://coinmarketcap.com/community/articles/6895cbc9f559a4772ef42ce3/)