Jack Dorsey’s Block pushes Bitcoin reserves above 9,000 BTC, stock surges 10%
Block increased its Bitcoin holdings to over 9,000 BTC, leading to a 10% surge in its stock price.Summary
Fintech giant Block, co-founded by Jack Dorsey, reported ending Q1 2026 with 9,032 Bitcoin. The company added 149 BTC during the quarter, bringing its total investment fair value to $617.3 million. Despite the increase in crypto reserves, Block reported a net loss of $308.7 million for the quarter, a significant reversal from the previous year's profit.
This loss was primarily attributed to $495 million in restructuring charges following a 40% workforce reduction and $240 million set aside for a pending Department of Justice matter. While total operating expenses rose 57%, revenue saw a modest 5% increase to $6.1 billion. Growth was driven by Cash App's gross profit, which jumped 38% due to the expansion of Cash App Borrow. Following these disclosures, Block's shares rose approximately 10% in pre-market trading.
(Source：Crypto Briefing)