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Fintech firm Block posts $2b BTC revenue in Q3
Block, the fintech company led by Jack Dorsey, reported US$2 billion in bitcoin revenue for Q3 2025, making up nearly a third of its total revenue of US$6.1 billion.
Earnings reached US$461.5 million.
Bitcoin revenue fell from US$2.4 billion a year earlier but remains the company’s second-largest revenue stream after subscription and services.
Bitcoin costs decreased to US$1.9 billion year-on-year.
Block’s stock fell 3.7% at market close and dropped further after hours as it missed some analyst targets.
Adjusted operating income was US$409 million, below the US$473 million consensus, while EBITDA reached US$833 million, short of the US$840 million estimate.
The company held 8,780 BTC at the end of September and recorded a negative remeasurement of US$59 million for the quarter.
🔗 Source: The Block
🧠 Food for thought
Implications, context, and why it matters.
Block’s bitcoin revenue masks the real story in its core business performance
- Cash App gross profit rose 10% year over year in Q1 2025, while Square grew gross profit 9% with Gross Payment Volume (GPV) up 7.2% 1.
- Moving upmarket is working. Mid-market sellers with annualized GPV over $500,000 now make up 45% of GPV, up from 41% two years ago 2. International GPV grew 26% year over year, while the United States rose 9% 2.
- Swings in bitcoin revenue dragged down the headline 2. Cash App reached 58 million monthly active users and expanded the consumer to merchant loop that links Cash App users with Square sellers 2.
Square’s bitcoin launch creates integration opportunities for fintech infrastructure providers
- Square rolled out bitcoin payment tools and a merchant wallet in October 3. Acceptance starts November 10, 2025 with zero processing fees through 2026 3. Merchants can hold earnings in bitcoin or U.S. dollars (USD) and auto convert up to 50% of daily card sales into bitcoin 4.
- Partners span Independent Software Vendors (ISVs) with payment gateways 4. They also include accounting apps and treasury platforms 4. Use cases include compliance automation and Lightning Network support (a layer-2 protocol that enables faster, cheaper bitcoin transactions) plus crypto to fiat reconciliation.
- New York is excluded for now due to state rules, with a national rollout targeted for 2026 pending approvals 4. By October 1, 2025 merchants had converted 142 bitcoin (BTC), worth about $17.5 million 5.
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