Block, the company behind Cash App and Square, made $229.7 million on paper from its Bitcoin pile in the three months to September, a jump that helped push its quarterly profit to $564.1 million.

Key Takeaways

  • Block Bitcoin holdings reached 9,237 coins worth $771.9 million on Sept. 30

  • It bought 120 more Bitcoin for $8.3 million in the quarter, and 354 so far this year

  • Rising Bitcoin prices added a $229.7 million gain to its quarterly results

  • Over nine months the stash still shows a $31.6 million loss after two weak quarters

The numbers come from Block’s quarterly filing with the SEC on Tuesday, the same day it reported third-quarter results.

Block Bitcoin Holdings Quarter By Quarter

Block marks its Bitcoin to market every quarter, so price swings show up straight in its profit, even when it sells nothing. This year that meant two big hits, then a big rebound.

QuarterBitcoin boughtCostValue changeBitcoin heldValue at endJan to Mar149$12.6 millionDown $172.8 million9,032$617.3 millionApr to Jun85$5.1 millionDown $88.5 million9,117$533.9 millionJul to Sep120$8.3 millionUp $229.7 million9,237$771.9 million

Block’s Bitcoin held for investment in 2026. Source: Block Form 10-Q.

Block started the year with 8,883 Bitcoin worth $777.5 million. It now owns 354 more coins, but the stash is worth about the same as it was in January.

Bitcoin Helped Lift Profit

Block made $564.1 million in the July to September quarter, up from $461.6 million a year earlier. The $229.7 million Bitcoin gain sits inside that figure. A year ago, the same line added $59.6 million.

The stash is also smaller in dollar terms than a year ago. On Sept. 30, 2025, Block held 8,780 Bitcoin worth just over $1 billion.

Cash App Bitcoin Sales Slipped

Separately from its own stash, Block earns money selling Bitcoin to Cash App users. That Bitcoin revenue fell to $1.80 billion in the quarter from $2.02 billion a year earlier.

The profit Block keeps from those sales fell harder. Bitcoin gross profit dropped 50% to $52 million, which Block said in its shareholder letter was mainly because it chose to cut the fee it charges on some Bitcoin trades in Cash App.

Block also keeps a small amount, about 267 Bitcoin worth $23.5 million, to handle customers’ buys and sells on Cash App.

The Rest Of Block Is Growing Fast

Outside Bitcoin, the quarter was strong. Block’s total gross profit rose 22% to $3.24 billion, with Cash App up 27% and Square up 14%.

Cash App reached 60 million monthly users who made at least one transaction in September. Block raised its full-year forecast and now expects $12.626 billion in gross profit for 2026, up 22%.

What To Watch

Because the stash is marked to market, Block’s next quarterly profit will again rise or fall with the Bitcoin price, whether or not it buys more. The other thing to watch is whether lower Cash App fees bring in enough extra Bitcoin buyers to make up for the thinner profit on each trade.

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