While many billionaires bet on AI, Jack Dorsey went all in on Bitcoin. Five years later, his company, Block (formerly Square), is reaping the rewards with nearly $2 billion in profits from BTC. Discover how this tech visionary made the king of cryptos the backbone of his fortune.
Zacks analysts had anticipated revenue of $6.34 billion and earnings per share of $0.63. Block ultimately reported an adjusted EPS of $0.54, approximately 14% below estimates. This relative disappointment largely explains the profit-taking movement observed in the stock and Bitcoin.
Bitcoin revenue also declined compared to the previous year, falling from $2.4 billion to $1.97 billion. This decrease of nearly 18% comes amid moderate volatility in the spot price of BTC during the quarter. The cryptocurrency maintained a relatively stable trading range between $60,000 and $70,000 for most of the period.
Costs associated with Bitcoin operations remained stable at $1.89 billion, identical to those of Q3 2024. This cost stability against declining revenues suggests margin compression in the crypto business. This is a typical phenomenon during market consolidation phases.
Block is guiding for gross profit of $2.75 billion in the fourth quarter, implying 19% year-over-year growth. This anticipated acceleration is based on the continued expansion of the Bitcoin ecosystem developed by the company.
Block holds 8,780 BTC on its balance sheet as of September 30, 2025, compared to 8,485 BTC at the beginning of the year. This gradual accumulation reflects Jack Dorsey’s long-term conviction about Bitcoin’s role as a store of value and medium of exchange.
The valuation of these holdings now exceeds $1 billion at current market prices. However, accounting standards require quarterly revaluations that negatively impact results. Block thus recorded a depreciation of $59 million in Q3, bringing the total since January to $178 million.
This conservative accounting policy contrasts with MicroStrategy’s approach, which uses more aggressive financing strategies to accumulate Bitcoin without immediate impact on operating results. The difference lies in the business model: Block generates recurring revenue through its payment platforms, whereas MicroStrategy essentially functions as a crypto investment vehicle.
In October 2025, Block launched new payment tools and a merchant wallet allowing businesses to directly accept Bitcoin. This ecosystem expansion comes with significant investments in regulatory compliance, following the $40 million settlement paid to the NYDFS earlier this year.
Jack Dorsey has for years described Bitcoin as the “native currency of the internet” and focused his mission on adoption for everyday payments rather than mere speculation. This philosophy is now finding concrete political resonance.
Senator Cynthia Lummis is currently drafting legislation aimed at exempting small cryptocurrency transactions from capital gains tax. This proposal draws directly from Dorsey’s advocacy to transform Bitcoin into a true medium of exchange. Eliminating tax friction on micropayments is a technical prerequisite for everyday BTC usage.
Block’s entry into the S&P 500 in early 2025 marks a major symbolic milestone. For the first time, a global benchmark stock index includes a company with a third of its revenue directly derived from Bitcoin. This institutional recognition validates the strategy of diversification into digital assets.
Analysts remain divided on the stock’s valuation. Some highlight the disconnect between the solid operational performance of Cash App and Square, and the volatile Bitcoin exposure that complicates forecasting models. Others view Block’s positioning as a structural advantage amid accelerating global institutional crypto adoption.
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