Jack Dorsey’s Block Reports 31% Drop in Bitcoin Gross Profit Amid Cash App Fee Cuts

TL;DR:

• Block’s Bitcoin ecosystem gross profit dropped 31% year-over-year in the second quarter of 2026, landing at $72 million.
• The company accumulated an unrealized loss of $88.5 million due to price fluctuations in its corporate reserves of 9,032 BTC.
• Total revenue from the Bitcoin segment reached $1.89 billion during the quarter, representing a year-over-year contraction of 13%.

Block, the tech firm led by Jack Dorsey, presented its Q2 2026 financial results this Wednesday. In the report, they confirmed a 31% year-over-year decrease in Bitcoin gross profit, which they attribute to fee adjustments in their Cash App application.

The segment focused on the digital asset ecosystem generated a total revenue volume of $1.89 billion during the months of April to June 2026. This figure reflects a 13% decrease compared to the $2.17 billion reported in the same quarter of the previous year. However, corporate data reflects a sequential rebound of 5% compared to the first quarter of the current fiscal year.

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