Jack Dorsey’s Block Sees Bitcoin Profit Hit: Sharp 31 Percent Drop

Financial technology giant Block, led by Jack Dorsey, announced a 31 percent year-over-year decline in its Bitcoin (BTC) gross profit following reductions in transaction fees on Cash App.

As one of the most significant institutional supporters of the cryptocurrency world, Block shared its second-quarter financial results with the public. The company’s gross profit from the Bitcoin (BTC) ecosystem fell from $105 million in the same period last year to $72 million. The primary reason for this decline was cited as the reduction of certain transaction fees on the popular payment app Cash App and a slowdown in overall market transaction volume.

Block’s Bitcoin Treasury and Future Outlook

While the company’s Bitcoin (BTC) revenue decreased by 13 percent year-over-year to $1.89 billion, it saw a 5 percent increase compared to the previous quarter. Block reported a paper loss of $88.5 million due to the depreciation of its holdings during the quarter. According to current data, the company’s corporate treasury holds a total of 9,032 BTC, valued at over $586 million.

Despite these fluctuations in the financial statements, Block maintained its long-term growth targets by raising its 2026 gross profit guidance to $12.51 billion. Additionally, the launch of USDC support on Cash App has enabled users to transact with stablecoins across different blockchains. While the company’s shares initially rose following the report’s release, they ended the day down 2 percent at $84.20.