Jack Dorsey’s Block Earns Nearly $2B from Bitcoin Amid Mixed Results

TLDR

• Block generated nearly $2 billion in Bitcoin revenue during the third quarter, accounting for one-third of its total $6.11 billion revenue.
• The company’s net income for Q3 reached $461.5 million, marking a 64% year-over-year increase.
• Gross profit for Block grew 18% compared to the previous year, driven by a 24% rise in Cash App revenue and 9% growth in Square.
• Block’s Bitcoin holdings increased to 8,780 BTC by the end of September, valued at over $1 billion.
• The company forecasted a 19% year-over-year growth in Q4 gross profit, estimating it will reach $2.75 billion.

Block, the fintech firm led by Jack Dorsey, reported Bitcoin revenue of nearly $2 billion in Q3, contributing to one-third of its total revenue of $6.11 billion. The company’s quarterly report also highlighted a net income of $461.5 million. Despite slight revenue and earnings per share misses, Block continues to expand its footprint in the Bitcoin market.

Bitcoin Revenue Accounts for One-Third of Block’s Total Revenue

Block’s Bitcoin revenue reached $1.97 billion for the third quarter, down from $2.4 billion the previous year. The drop in revenue reflects a slowdown in Bitcoin prices but still remains a major contributor to Block’s income. Bitcoin continues to be Block’s second-largest revenue stream, following subscriptions and services.

The cost associated with Bitcoin operations also declined. Bitcoin costs dropped to $1.89 billion from $2.36 billion in Q3 2024. This shift in Bitcoin-related expenses helped maintain profitability despite the lower revenue.

Block’s Bitcoin holdings also grew in the third quarter. As of September 30, the company held 8,780 BTC, up from 8,485 at the start of 2025. These holdings, valued at over $1 billion, saw a remeasurement loss of $59 million during the quarter.

Gross Profit and Income Rise for Block

Block’s gross profit increased 18% year-over-year, reaching $2.66 billion in Q3. The company saw strong growth in both Cash App and Square, which contributed to the overall profit boost. Cash App’s gross profit surged 24%, while Square reported a more modest 9% growth.

The firm’s net income for the quarter grew 64%, reaching $461.5 million. Block’s adjusted earnings per share (EPS) came in at $0.54, slightly lower than analysts’ expectations of $0.63. Despite missing these estimates, Block’s overall financial performance remains solid.

Block also forecasted continued growth for the fourth quarter. It projected gross profit of around $2.75 billion, implying a 19% year-over-year increase. This projection signals confidence in the company’s ability to maintain momentum.

Block Expands Bitcoin Ecosystem

Block continues to expand its Bitcoin-related services, reinforcing its focus on the digital asset market. In October, the company launched new payment tools and a merchant wallet designed to help businesses accept Bitcoin directly. These tools further solidify Block’s position in the Bitcoin ecosystem.

The company faced regulatory challenges earlier this year. In May, Block settled a $40 million dispute with the New York Department of Financial Services over compliance issues related to its Bitcoin operations. Despite this, the firm remains committed to expanding its Bitcoin business.

Block’s growing influence in the digital asset space was highlighted earlier this year with its inclusion in the S&P 500. As one of the most prominent Bitcoin-integrated companies in the U.S., Block’s future looks closely tied to the evolving cryptocurrency market.

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