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Jack Dorsey’s Block Inc. delivered robust second-quarter results, sending its shares up 6% in after-hours trading on Thursday. The company reported $2.54 billion in gross profit for the quarter, marking a 14% year-on-year jump. In a letter to shareholders, Block raised its 2025 gross profit outlook to $10.17 billion, up from a previous estimate of $9.96 billion. Net income attributable to common stockholders surged to $538.46 million, compared to $195.27 million in the same period last year.
The fintech and digital payments firm, formerly known as Square, remains deeply invested in cryptocurrency operations. Block said it holds bitcoin both as a long-term asset and to support customer transactions. During the quarter, the company added 108 BTC, bringing total holdings to 8,692 BTC by the end of June.
A $212.17 million remeasurement loss on its bitcoin position was recorded in the quarter, reflecting a decline in market value, compared to a $70.12 million gain a year ago. Despite this, Block’s confidence in crypto appears firm, with its bitcoin strategy still central to its growth plans.
