Jack Dorsey’s fintech powerhouse Block, Inc. (ticker: XYZ) achieved a third-quarter bitcoin revenue of almost $2 billion, which was one of the main reasons for the company’s total revenue of nearly three billion dollars. The company revealed the data in its quarterly report submitted to the U.S. Securities and Exchange Commission (SEC) on Thursday.
Block generated $6.11 billion in total revenue and $461.5 million in net income for the period, the report said. In a letter to shareholders, Dorsey pointed to the ongoing expansion of the company, saying, “Block grew gross profit 18% year over year in the third quarter, with 24% growth in Cash App and 9% growth in Square.”
After a strong revenue announcement, Block’s shares went down by 3.7% to $70.94 at the end of the day, and after-hours trading saw a further drop to $64.10, as reported by The Block and the Wall Street Journal. This was because the company missed certain key analyst expectations.
While some performance targets were met or exceeded by Block, the company failed to achieve its adjusted operating income goal of $409 million, which was significantly lower than the expected $473 million. The company’s EBITDA increased slightly by 3% to $833 million, which is a bit less than the forecast of $840 million, as per Investor’s Business Daily.
Bitcoin revenue was $1.97 billion, compared to $2.4 billion for the same period last year. However, it remains the second-largest source of the company’s revenue, behind only subscription and service-based income. Additionally, bitcoin-related expenses decreased as well, amounting to $1.89 billion compared to $2.36 billion in Q3 2024. This was due to the lower trading volumes and price volatility.
At the end of September, Block owned 8,780 BTC, which is an increase from 8,485 BTC at the beginning of 2025. The value of the bitcoin holdings is more than $1 billion. The company recorded a negative remeasurement loss of $59 million in Q3 and $178 million year-to-date, which is linked to bitcoin price changes.
In October, Block rolled out new bitcoin payment instruments and a merchant wallet to make its crypto ecosystem more robust. In the beginning of the year, Block paid $40 million as a settlement with the New York Department of Financial Services for alleged anti-money laundering compliance issues in connection with its bitcoin operations.
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