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Block’s Q3 Revenue Reaches $6.11B with $1.97B From Bitcoin Transactions
Jack Dorsey's Block, Inc. has reported nearly $2 billion in Bitcoin revenue in the third quarter of 2025, highlighting the centrality of cryptocurrency for the company's business. In its latest SEC filing, the company reported $1.97 billion in Bitcoin-related sales or about one-third of its total revenue of $6.11 billion.
Net income reached $461.5 million for the same period. According to Block, its gross profit rose 18% year over year to $2.66 billion, supported by strong contributions from both Cash App and Square.
Block Q3 2025 Earnings and Bitcoin Revenue Performance
Block’s Q3 2025 earnings came in below several analyst forecasts. Market estimates pointed to revenue of about $6.34 billion and adjusted earnings per share of $0.63. Block instead reported $6.11 billion in revenue and adjusted EPS of $0.54.
Profitability metrics also lagged consensus. Adjusted operating income reached $409 million, short of the $473 million analysts expected. EBITDA increased 3% to $833 million, just under projections of $840 million. Management guided for fourth-quarter gross profit of around $2.75 billion, which would mark about 19% annual growth if achieved.
Bitcoin revenue remains a key pillar for Jack Dorsey’s Block. The company’s Bitcoin sales of $1.97 billion declined from $2.4 billion in the same quarter of 2024, but still ranked as its second-largest revenue stream after subscription and services-based income.
Bitcoin-related costs also moved lower. Block reported $1.89 billion in Bitcoin costs during Q3 2025, compared with $2.36 billion a year earlier. That shift reflects both pricing dynamics and trading volumes inside its Bitcoin ecosystem.
Block Bitcoin Strategy, Holdings, and Crypto Payment Expansion
Block continued to expand its Bitcoin strategy even as it recorded markdowns on its holdings. The company held 8,780 BTC as of September 30, up from 8,485 BTC at the start of 2025. The position, worth more than $1 billion at recent prices, generated a negative remeasurement of about $59 million in the quarter and $178 million year-to-date.
The company kept building out its Bitcoin product suite during the period. In October, Block launched new Bitcoin payment tools and a merchant wallet to help sellers accept BTC directly. These products support Dorsey’s long-stated goal of making Bitcoin usable in everyday payments through the Block platform.
Regulatory issues also remained part of the Bitcoin story for Block. Earlier in 2025, the company agreed to pay $40 million to the New York Department of Financial Services to resolve allegations of anti-money laundering shortcomings tied in part to its Bitcoin operations.
Block Stock Reaction and Q4 Outlook for Bitcoin-Focused Strategy
Investors reacted negatively to the Q3 2025 results. Block shares, trading under ticker XYZ, closed at $70.94, down 3.7% on the day of the report. The stock then fell further in after-hours trading to $64.10, leaving the company with a decline of more than 11% from the prior close.
The market response reflected pressure around margins and earnings, even as Block highlighted continued growth in Cash App and Square. With Bitcoin revenue still accounting for roughly one-third of total sales, the company’s exposure to digital assets remains a defining feature of its investment case.
Looking to the fourth quarter, Block projected gross profit of about $2.75 billion. That outlook suggests ongoing expansion of its financial platform, anchored by Cash App, the Square merchant network, and a growing Bitcoin offering that sits at the center of Jack Dorsey’s long-term vision for the firm.
Also Read: Bitcoin News Today: BTC Price Rebounds to $110,000 as Jack Dorsey Declares “Bitcoin Is Money”
