Block's $433M in Unrealized Bitcoin Gains a Test of Dorsey's Thesis

Block Inc., led by Jack Dorsey, has $433 million in unrealized Bitcoin gains. The company's corporate treasury held 9,117 BTC as of June 30, 2026, with a fair value of approximately $534 million against a cost basis of $310.2 million.

The company recorded an $88.5 million remeasurement loss on its Bitcoin holdings during Q2 2026. This is in contrast to the same quarter a year earlier, which produced a $212.2 million gain.

Block's purchasing discipline follows a self-imposed rule: reinvesting 10% of its monthly Bitcoin gross profit back into Bitcoin purchases. The company has added 234 BTC during the first half of the year, picking up 149 BTC in Q1 and another 85 BTC in Q2.

The treasury grew from 8,883 BTC at the end of 2025 to 9,117 BTC by mid-year, with zero sales along the way. Block's strong operational gross profits and raised full-year guidance suggest that its Bitcoin volatility may be cushioned by other factors.