Block, the payments company run by Jack Dorsey, now holds 9,117 bitcoin, the firm disclosed this week. The increase extends a strategy that has made Block one of the largest corporate holders of the cryptocurrency — and one of the most exposed to its price swings.
A bigger bitcoin pile
Block's bitcoin treasury has grown to 9,117 BTC, a figure the company confirmed in its latest statement. The company has been adding to its position for years, treating bitcoin as a core part of its balance sheet. This week's disclosure shows that approach hasn't changed, even as the broader crypto market has seen sharp ups and downs.
The exact timing of the latest purchase isn't clear from the announcement, but the company said the increase reflects its ongoing commitment to bitcoin as a strategic investment. Dorsey has long argued that bitcoin is the internet's native currency, and Block has built its treasury policy around that belief.
The volatility trade
Block has never shied away from the risks. In its filings, the company has repeatedly flagged that bitcoin's price swings could hurt its financial results. This latest increase doesn't change that calculus. The disclosure itself highlights the volatility risk inherent in holding a digital asset that can move 10% in a single day.
For a company with a market cap in the tens of billions, a 9,117-coin position is meaningful but not overwhelming. Still, a sharp drop in bitcoin could dent quarterly earnings, as it has in past cycles. Block has taken writedowns on its bitcoin holdings before, when the price fell below its purchase cost.
Growth elsewhere cushions the blow
What keeps the bitcoin bet from becoming a bigger problem, according to the company, is the strength of its other businesses. Block said robust growth in its payments, lending, and seller services has been strong enough to mitigate the financial impact of the bitcoin investment. In plain terms, the rest of the company is growing fast enough that a bad quarter in crypto won't sink the ship.
That's not a guarantee against future writedowns, but it does mean Block can afford to hold bitcoin through the rough patches. The company's core operations have been expanding, and that gives management the freedom to keep bitcoin on the books without having to sell at the worst possible moment.
Block hasn't said whether it will keep buying. Investors will get a fresh look at the position when the company next reports earnings, likely later this quarter. Until then, the 9,117-coin stack sits there, a bet on a volatile asset that Dorsey clearly isn't ready to fold.
