Block, the payments company led by Jack Dorsey, added 120 BTC to its corporate treasury in the third quarter, bringing its total holdings to 9,237 BTC as of Sept. 30.

Steady buying funded by profit

The increase from 9,117 BTC at the end of the second quarter was disclosed in a 10-Q filing with the U.S. Securities and Exchange Commission.

Block’s bitcoin investment was valued at $771.9 million at the end of the quarter, compared to $777.5 million at Dec. 31, 2025, with an estimated cost basis of $318.6 million.

The company paid for the 120 BTC by reinvesting part of the gross profit generated by its bitcoin ecosystem, which runs mainly through Cash App.

Block began accumulating bitcoin for its treasury in October 2020 and has not sold any of its investment bitcoin since, and it ranks 14th among corporate bitcoin holders according to Bitcoin Treasuries data.

Holdings gain outpaces the bitcoin business

The rise in bitcoin’s price produced a non-cash remeasurement gain of $229.7 million in the quarter, up from $59.6 million a year earlier.

That gain was more than four times the $52 million in gross profit from Block’s bitcoin ecosystem, which fell 50% from $104 million a year earlier.

The company explained the decline in its shareholder letter:

“Bitcoin Ecosystem gross profit declined 50% year over year, driven primarily by a strategic decision to reduce the fee we charge on certain bitcoin transactions on Cash App.”

“Bitcoin Ecosystem gross profit declined 50% year over year, driven primarily by a strategic decision to reduce the fee we charge on certain bitcoin transactions on Cash App.”

Block also wrote in the letter:

“We’re using bitcoin and stablecoins as an enabler of Cash App’s expansion.”

“We’re using bitcoin and stablecoins as an enabler of Cash App’s expansion.”

Broader results lift guidance

Total gross profit grew 22% year over year to $3.24 billion, while net income rose to $566 million from $462 million.

Block raised its full-year 2026 gross profit guidance to $12.626 billion, and its shares rose 5.84% to $80.44 in after-hours trading on Nov. 3.