Block Earns More From Bitcoin Than From Cash App Sales
The revaluation of 9,237 BTC gave Block a big profit, larger than the gross profit from the Bitcoin business itself. Cash App and lending were still the main growth drivers.
Key Takeaways
- In the third quarter, Block booked $229.7 million in profit on its Bitcoin holdings, more than four times the $52 million gross profit from the Bitcoin business itself.
- Block’s total gross profit rose 22% year over year to $3.24 billion, with Cash App contributing $2.07 billion.
- As of September 30, Block held about 9,237 BTC, worth $771.9 million, and the stock rose 5.84% after hours.
Jack Dorsey’s Block booked a $229.7 million profit on its Bitcoin holdings in the third quarter. That was more than four times the $52 million (€46.5 million) gross profit from the Bitcoin business itself. Block shares rose 5.84% after hours to $80.44 (€72), after the stock closed regular trading at $76.00 (€68).
Bitcoin Puts Heavy Pressure on Profit
The numbers show that Bitcoin is not just a product for Block, but also a major factor in its profit and loss statement. The company marks the Bitcoin it holds to market every quarter, which means price swings flow straight into GAAP results. As of September 30, Block held about 9,237 BTC for investment, worth $771.9 million (€690 million).
That revaluation produced a third-quarter gain of $229.7 million (€205 million), compared with $59.6 million (€53.3 million) a year earlier. That meant Bitcoin accounted for about 38% of pre-tax profit of $612.5 million (€548 million). GAAP net income came in at $566 million (€506 million), up from $462 million (€413 million) a year earlier.
Cash App and Lending Are Doing the Heavy Lifting
Block’s total gross profit rose 22% year over year to $3.24 billion (€2.9 billion). Cash App accounted for $2.07 billion (€1.9 billion) of that, up 27%. Financial Solutions, including Cash App Borrow, grew especially fast and added the most new gross profit.
Lending through Cash App also showed strong growth. Consumer credit originations, including Borrow and Afterpay, rose 40% to $19 billion (€17 billion). Commerce Enablement, which includes Square payments and Cash App Card spending, remained the biggest profit pool with $1.85 billion (€1.7 billion) in gross profit.
Why This Matters for Investors
For European crypto followers, this shows how strongly a publicly traded company can move with Bitcoin on its balance sheet. In recent quarters, Block has also posted losses on that same position, including in the first and second quarters of 2026. That makes the results especially sensitive to the Bitcoin price, separate from the performance of its payments and lending businesses.
Other publicly traded Bitcoin treasury companies show the same thing: this balance-sheet item can hit the numbers fast. For example, Strategy previously showed that the margin on its Bitcoin holdings can shrink quickly when the price drops.