Block, the fintech company led by Jack Dorsey (잭 도시), said second-quarter gross profit from its bitcoin business fell 31 percent from a year earlier. It was affected by cuts to some bitcoin transaction fees on Cash App.
According to a recent report by The Block, Block’s bitcoin business revenue fell 13 percent to $1.89 billion from $2.17 billion a year earlier, but rose 5 percent from the first quarter. Gross profit in the segment fell to $72 million from $105 million over the same period. The company said the decline reflected a decision to cut fees for some bitcoin transactions via Cash App and a slowdown in bitcoin trading that continued throughout 2026.
Cash App accounted for $1.81 billion of the bitcoin business revenue in the quarter.
Block recorded an $88.5 million valuation loss during the quarter due to a decline in the value of its bitcoin holdings. It posted a $212.2 million valuation gain in the same period a year earlier.
According to Bitcoin Treasuries, Block held 9,032 bitcoin as corporate treasury assets as of May 8. That was about 35 more than the 8,997 it disclosed at the end of the first quarter. At current prices, the holdings are worth more than $586 million.