Block, Inc. – a fintech with a strong focus on Bitcoin, founded by Jack Dorsey, has just published results for the third quarter of 2025. Numbers? Impressive, although the market reacted… quite coldly. Shareholders dissatisfied with the result, or perhaps they are experiencing a temporary panic on the digital asset market?
Block with huge profits – the numbers speak for themselves
Block’s total revenues were $6.11 billion and net income was $461.5 million. Interestingly, Bitcoin alone generated as much as USD 1.97 billion in revenues – this is the company’s second largest source of income, after subscriptions and services. Bitcoin is no longer an add-on, it is the foundation of Block’s business model, which Jack Dorsey makes no secret of. By the way, it is worth recalling that he is the co-founder and CEO of Twitter.
Block reported an 18% year-over-year increase in gross profit in the third quarter
– wrote Dorsey in a letter to shareholders.
Cash App grew by 24%, Square by 9%. It looks good on paper, but not so good in the eyes of shareholders.
The market was not thrilled
Block shares fell 3.7% to close ($70.94) and fell another 9.6% after hours to $64.10. Why? Block missed several key metrics. Adjusted operating income was $409 million versus an estimated $473 million. EBITDA increased only 3% to USD 833 million, while analysts expected USD 840 million.
While BTC revenues dropped from $2.4 billion a year ago, Bitcoin-related costs also decreased – from $2.36 billion to $1.89 billion. Block currently holds 8,780 BTC (worth over $1 billion), up from 8,485 BTC at the beginning of the year. The negative valuation of the portfolio amounted to USD 59 million in Q3 and USD 178 million year to date.
The company is not slowing down: in October it launched new Bitcoin payment tools for merchants. Earlier this year, however, it paid a $40 million settlement with the New York regulator for anti-money laundering violations – partly related to bitcoin operations.
Dorsey is playing, but he is counting on endgame
Bitcoin is not an experiment for Block, but a strategic stake. Dorsey consistently focuses on decentralization and departure from traditional payment systems. The question is: will Wall Street appreciate it or demand more predictable results?
Moreover, it is increasingly shareholders and their astronomical expectations that cause companies investing in innovation to experience declines. This was recently the case with Nvidia’s quarterly profit results, which exceeded the GDP of many countries, but… analysts expected more.
For now, one thing is certain – without Bitcoin, Block would look completely different.
