Jack Dorsey’s Block Rakes In Nearly $2B from Bitcoin Revenue in Q3

Jack Dorsey -led Block generated nearly $2b in Bitcoin revenue during the third quarter, accounting for almost one-third of its total $6.11b ￰1￱ fintech reported net income of $461.5m for the period, according to its latest filing with the Securities and Exchange ￰2￱ a Thursday letter to shareholders , the firm said gross profit rose 18% year over year, led by a 24% jump in Cash App and 9% growth in Square. “Block grew gross profit 18% year over year in the third quarter, with 24% year-over-year growth in Cash App and 9% year-over-year growth in Square,” he ￰3￱ closed at $70.94 on Wednesday, down 3.7%, and slipped further in after-hours trading to $64.10.

We shared our Q3 earnings results today, delivering strong momentum across ￰4￱ profit grew 18% year over year, driven by continued strength in both Cash App and ￰5￱ recap on the quarter here: ￰0￱ ￰6￱ — Block Investor Relations (@BlockIR) November 6, 2025 Mixed Quarter for Block as Bitcoin Still Anchors Revenue Base Market watchers surveyed by Zacks had forecast $6.34b in revenue and earnings per share of $0.63. Actual results came in slightly lower, with $6.11b in revenue and adjusted EPS of $0.54. Gross profit reached $2.66b, up 18% year over year, while net income climbed 64%. The company forecasted fourth-quarter gross profit of around $2.75b, implying 19% annual ￰7￱ operating income came in at $409m versus consensus estimates of $473m, while EBITDA rose 3% to $833m, narrowly missing projections of $840m.

Bitcoin revenue totaled $1.97b, down from $2.4b a year earlier, yet it remains Block’s second-largest revenue stream behind subscriptions and ￰8￱ costs dropped to $1.89b from $2.36b during the same period in ￰9￱ Expands Bitcoin Suite Even as Holdings Face Quarterly Markdowns The firm’s BTC holdings stood at 8,780 BTC as of Sept. 30, up from 8,485 at the start of the ￰10￱ holdings, valued at more than $1b, saw a negative remeasurement of $59m in the quarter and $178m ￰11￱ has continued expanding its Bitcoin ￰12￱ October, it launched new payment tools and a merchant wallet to help sellers accept Bitcoin ￰13￱ this year, the company paid $40m to settle allegations from the New York Department of Financial Services over compliance gaps tied to its BTC ￰14￱ by Dorsey in 2009, Block has evolved from a payment processor into a broader financial platform with deep exposure to digital ￰15￱ inclusion in the S&P 500 earlier this year marked a milestone for one of the highest-profile Bitcoin-integrated companies in the ￰16￱ Slip Post-Earnings, but Analysts Cite Long-Term Crypto Strategy as a Strength Dorsey has long described Bitcoin as “the internet’s native currency” and said his mission is to make it usable for everyday ￰17￱ once remarked that if he were not working on Twitter or Block, he would be dedicating his career entirely to Bitcoin ￰18￱ continued to slide after the report, down more than 11% in late trading.

Still, many analysts view Block’s long-term Bitcoin exposure as strategic, particularly as institutional adoption of crypto assets accelerates globally. Meanwhile, Dorsey’s advocacy for everyday Bitcoin use is gaining traction in ￰19￱ Lummis is drafting legislation to exempt small crypto transactions from capital gains taxes, a proposal inspired by Dorsey’s call to make bitcoin a medium of exchange rather than just a store of value.