Block reports Bitcoin holdings of 9,117 BTC after buying 234 BTC
Block, co-founded by Jack Dorsey, said it bought 234 Bitcoin in the first half of 2026, bringing its corporate Bitcoin holdings to 9,117 BTC as of June 30. Despite the accumulation, a sharp Bitcoin price drop cut the holdings’ value to about $534 million from roughly $777 million at the end of 2025. Block also recorded more than $260 million in losses on its Bitcoin investments during H1 2026.
In its Q2 results, Block’s financial performance was supported by Cash App and Square, helping offset weaker Bitcoin Ecosystem revenue, which fell nearly 13% in the quarter. Adjusted EPS rose 64.5% year over year to $1.02, beating the $0.86 consensus estimate, while revenue grew 9.3% to $6.6 billion. Total gross profit increased 24.8% to about $3.2 billion.
Cash App remained a growth driver: gross profit rose over 30% YoY as Commerce Enablement and consumer lending expanded, with Primary Banking Actives growing and monthly transacting actives nearing 60 million. Square also posted solid momentum, with gross payment volume growing at a double-digit rate and gross profit rising at a low double-digit pace, supported by higher payment volumes, more software adoption, and Financial Solutions growth.
Overall, the report highlights continued corporate Bitcoin accumulation, but also underscores the balance-sheet impact of Bitcoin volatility on reported value and investment P&L.
Neutral
Block continued to add to its Bitcoin position (234 BTC), which is directionally supportive for long-term sentiment. However, the company simultaneously shows how price volatility hits reported value: the holdings fell to ~$534M from ~$777M and generated over $260M in H1 investment losses. Traders typically react more to near-term price movement than to accounting marks, so the net effect is likely mixed.
In the short term, news like this can create a modest “support” narrative if investors focus on accumulation, but it may not prevent selloffs when macro or BTC/derivatives positioning drives price. In the medium to long term, sustained corporate buying can matter for sentiment and institutional adoption, especially if paired with broader profitability (here, Cash App and Square growth) that can fund further BTC purchases.
Given the contrast between continued buying and substantial paper losses, and because Bitcoin Ecosystem revenue declined, the overall impact on market stability is likely neutral rather than clearly bullish or bearish—similar to past periods where corporate buyers added BTC while BTC drawdowns dominated price action.