Block's Bitcoin Business Sees 31% Gross Profit Drop

Block's Bitcoin business saw a significant decline in gross profit in Q2 2026, with a 31% year-over-year drop to $72 million. This marked the only segment of Block's operations to report a decrease in gross profit.

Total company gross profit rose 25% to $3.17 billion, while Bitcoin revenue declined 13% to $1.89 billion. The weaker performance was attributed partly to lower fees on certain Cash App bitcoin transactions and changes in bitcoin trading dynamics.

The decision to lower fees reduced the implied gross margin of Block's Bitcoin business to about 3.8%, down from roughly 4.8% a year earlier, despite strong activity on Cash App with 59 million monthly transacting actives in June 2026.