Block reports $433M in unrealized Bitcoin gains under Dorsey

Block Inc. is sitting on $433 million in unrealized Bitcoin gains, a figure that sounds impressive until you realize the company’s crypto stash was worth considerably more just six months ago.

The Jack Dorsey-led fintech company disclosed in its Q2 2026 SEC filing that its corporate Bitcoin treasury held 9,117 BTC as of June 30, 2026, with a fair value of approximately $534 million against a cost basis of $310.2 million.

A quarter of losses, a year of conviction

Block recorded an $88.5 million remeasurement loss on its Bitcoin holdings during Q2 2026. For context, the same quarter a year earlier produced a $212.2 million gain.

The first half of 2026 was even rougher on paper. Block’s cumulative Bitcoin remeasurement loss for H1 2026 hit $261.3 million, driven largely by price declines from year-end 2025 levels when the treasury’s fair value hovered around $778 million.

Block did not reach for the sell button. Instead, the company bought more. Block added 234 BTC during the first half of the year, picking up 149 BTC in Q1 and another 85 BTC in Q2. The treasury grew from 8,883 BTC at the end of 2025 to 9,117 BTC by mid-year, with zero sales along the way.

The 10% rule and Dorsey’s Bitcoin thesis

Block’s purchasing discipline follows a self-imposed rule: reinvest 10% of its monthly Bitcoin gross profit back into Bitcoin purchases. This means the company keeps accumulating regardless of whether prices are rising or falling, funded by revenue the company is already generating from Bitcoin-related services through Cash App and Square.

Dorsey remains a prominent advocate for Bitcoin as a foundational monetary protocol. The company has also acknowledged growing customer demand for stablecoin-related features, suggesting its product roadmap may expand beyond pure Bitcoin services even as the treasury remains BTC-only.

Strong operations cushion the Bitcoin volatility

Block reported stronger operational gross profits and actually raised its full-year guidance, even as its crypto holdings were declining in value on paper.

Block’s 9,117 BTC position ranks it among the larger public company Bitcoin holders globally. The cost basis of $310.2 million implies an average purchase price of roughly $34,000 per Bitcoin. The gap between the $534 million fair value and $310.2 million cost basis represents $433 million in unrealized gains that survive even after a difficult first half of the year.

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