Block has increased its corporate Bitcoin holdings by 85 BTC, taking its total to 9,117 BTC and moving the Jack Dorsey-led fintech company to 15th in the Bitcoin 100 corporate holdings ranking.
Data published by Bitcoin Treasuries.NET shows that the purchase lifted Block’s balance from 9,032 BTC. The update, shared on X, did not state when the transaction took place or how much the company paid for the additional Bitcoin.
The purchase was made less than three weeks after Block joined the S&P 500, becoming only the second crypto-focused company to enter the benchmark US stock index after Coinbase.
Block officially replaced Hess Corp. before trading began on 23 July, following Chevron’s acquisition of the oil producer.
Although the latest addition represents 85 BTC, it continues Block’s long-term policy of holding Bitcoin on its balance sheet while also building the cryptocurrency into a number of its business operations.
The company previously said it uses 10% of the monthly gross profit from its Bitcoin-related products to buy more Bitcoin. Last year, Block also made the framework behind its treasury strategy open source, offering it as a possible model for other companies considering similar allocations.
Founded as Square in 2009, the business changed its name to Block in December 2021 as it expanded beyond payment processing into blockchain infrastructure and digital asset services.
Its portfolio includes Square, Cash App, Afterpay, TIDAL, Proto and Bitkey.
Bitcoin is incorporated into several of those products. Cash App allows customers to buy, sell and transfer Bitcoin, while Bitkey offers a self-custody wallet for individual users. Through Proto, Block also works on Bitcoin mining equipment and related infrastructure.
Different approaches to corporate Bitcoin holdings
Block’s latest purchase comes as companies continue to develop different approaches to holding and managing Bitcoin as a treasury asset.
Earlier this week, Strategy said in a filing to the US Securities and Exchange Commission that it had sold 1,638 BTC between 27 July and 2 August for $104.73m. The sales were made under the company’s Bitcoin monetisation framework.
Strategy allocated $52.4m of that money to dividends on STRC preferred stock and a further $52.3m to buying back STRC shares. Its Bitcoin holdings consequently fell to 842,138 BTC.
The company also reported that it had raised a further $290.6m through sales of MSTR common stock during the same period. Most of that money was used to increase its US dollar reserve to about $4bn.
Executive chairman Michael Saylor later said the added liquidity extended Strategy’s funding runway by about 57 days.
On 5 August, blockchain analytics company Lookonchain reported that wallets it linked to Strategy had transferred another 1,030 BTC, worth about $66.14m. Neither Strategy nor an SEC filing has confirmed that the transfer was a sale.
At the time, Strategy’s most recent official filing still listed its holdings at 842,138 BTC. That illustrates that an on-chain transfer alone does not prove that ownership of Bitcoin has changed.
Unlike Strategy, whose latest capital arrangements allow it to sell Bitcoin to support preferred-stock dividends, debt commitments, authorised share repurchases and cash reserves, Block has continued to increase its holdings through smaller purchases.
Block’s S&P 500 inclusion
The latest treasury increase also follows a period of operational change at Block before its admission to the S&P 500.
Earlier this year, the company cut its workforce by about 8% after reporting weaker-than-expected revenue and profit for the fourth quarter of 2024. Chief executive Jack Dorsey said the restructuring was designed to improve strategic alignment, organisational efficiency and performance standards.
Block also removed hundreds of vacant roles, while keeping positions connected to critical operations.
Its inclusion in the S&P 500 indicated that the company had met the index’s requirements covering market capitalisation, profitability, liquidity and trading activity, despite the earlier restructuring.
Block’s shares rose sharply in after-hours trading when the inclusion was announced in July, highlighting investor interest in its place among the most widely followed US equity companies.
With 9,117 BTC now on its balance sheet, Block is ranked 15th by Bitcoin Treasuries.NET among publicly tracked corporate Bitcoin holders.
The company’s approach combines Bitcoin accumulation with consumer-facing products, self-custody technology and mining hardware development, rather than treating the cryptocurrency solely as a reserve asset.
Block has not announced any change to its treasury policy alongside the latest purchase. Bitcoin Treasuries.NET also provided no further information about the transaction or its funding source.
