Block Boosts Bitcoin Holdings Amid Earnings Growth
Block, Inc., the parent company of Cash App and Square, has increased its Bitcoin holdings to 9,117 BTC by mid-2026. This represents a significant addition to its existing Bitcoin reserves, which stood at 8,883 BTC at the end of last year.
In the first half of this year, Block acquired an additional 234 BTC, bringing its total to 9,117. However, despite this growth in its Bitcoin holdings, Block reported that the value of these assets has decreased due to a drop in Bitcoin prices.
Block's earnings for Q2 were strong, with adjusted EPS increasing by 64.5% and revenue rising 9.3% to $6.6 billion. However, this growth was partly offset by a decline in Bitcoin Ecosystem revenue of 13%, which the company attributed to market conditions.
Block's focus on expanding its core businesses suggests that it is prioritizing long-term growth over short-term gains from its cryptocurrency investments.