Block Digs Deeper into Bitcoin Holdings Amid Market Volatility

Block, the parent company of Cash App and Square, continued to accumulate Bitcoin in the first half of 2026. By June 30th, Block held 9,117 BTC, a significant increase from the 8,883 held at the end of 2025. The company purchased an additional 234 BTC during this period, with 149 bought in the first quarter and 85 in the second.

The Bitcoin holdings carry a fair value of $533.9 million against a cost basis of $310.2 million, resulting in a remeasurement loss of $261.3 million due to declining market prices. Block also maintains 299 BTC for operating purposes, valued at $19.5 million, to facilitate Cash App transactions.

The company's Bitcoin accumulation strategy is seen as a positive move despite market volatility. However, the correlation between Bitcoin and the Nasdaq hit 0.96 in April 2026, complicating its use as an uncorrelated hedge.

The mining difficulty fell from a peak of 156 trillion to approximately 126 trillion by late July 2026, while publicly traded miners sold over 32,000 BTC in the first quarter alone. The SEC postponed a scheduled vote on new capital-raising rules for crypto startups in mid-August 2026 due to scheduling issues.