Block Inc. has expanded its corporate Bitcoin holdings to 8,692 BTC, valued at over $1.15 billion, following a strategic acquisition of 108 BTC during the second quarter.
The financial technology company reported total second-quarter revenue of $6.05 billion, marking a 1.5% sequential increase from the previous quarter. Gross profit for the period reached $2.54 billion.
A significant portion of Block’s revenue, amounting to $2.14 billion, was generated through Bitcoin sales facilitated by its Cash App platform.
Investors reacted positively to the earnings report, with Block shares rising approximately 6% in after-hours trading following the announcement.
The increased Bitcoin reserves underscore the company’s continued commitment to holding the cryptocurrency as a corporate asset.