Jack Dorsey’s fintech firm Block Inc. reported nearly $2 billion in Bitcoin revenue during the third quarter of 2025, underscoring the growing importance of its crypto business. The figure accounted for about one-third of Block’s total revenue of $6.11 billion, according to the company’s latest earnings report.
However, the results fell short of analyst expectations. Wall Street had projected $6.33 billion in revenue and earnings per share of $0.63, while Block posted $0.54 EPS, missing both top and bottom-line forecasts.
Market Reaction and Margin Pressure
Investors reacted swiftly to the earnings miss. Block’s stock plunged more than 9% in after-hours trading, reflecting concerns over slower growth and tight margins. Analysts highlighted that Bitcoin-related sales, while massive in volume, tend to yield thin profit margins, limiting their impact on overall operating income.
“Block’s Bitcoin revenue continues to look impressive on paper,” one analyst noted, “but profitability remains heavily dependent on transaction efficiency and fee structure.”
Over $1 Billion in Bitcoin Holdings
As of the end of Q3, Block held 8,780 Bitcoin on its balance sheet, worth over $1 billion at the time. The company has long positioned Bitcoin as central to its mission of financial empowerment, with Dorsey frequently emphasizing its role in open, decentralized finance.
Dorsey Eyes Merchant Bitcoin Integration
In a shareholder letter, Jack Dorsey announced plans to fully launch “Square Bitcoin”, a service enabling merchants to accept Bitcoin payments and automatically convert them into BTC. The rollout is expected to begin later this month, marking a significant expansion of Block’s crypto ecosystem.
The move comes as competition intensifies in crypto payments, with PayPal and Coinbase also advancing their merchant solutions. If successful, Square Bitcoin could further integrate Bitcoin into day-to-day commerce, an ambition Dorsey has championed for years.
