Block Books $173 Million Bitcoin Loss, Raises 2026 Outlook

Block Inc., the fintech company led by Jack Dorsey, booked a $173 million Bitcoin remeasurement loss in the first quarter of 2026. Still, it raised its full-year guidance on strength in its core businesses.

The company disclosed in its first-quarter earnings release on May 7 that the loss stemmed from remeasuring its corporate Bitcoin holdings and customer assets.

Block's corporate Bitcoin holdings and customer balances totaled 28,355 BTC, with a current value of about $2.2 billion. The remeasurement loss contributed to a net loss attributable to common stockholders of $309 million for the quarter. The loss was unrealized and did not involve a cash outflow.

Underlying business trends remained strong. First-quarter gross profit rose 27% from a year earlier to $2.91 billion.

Cash App gross profit increased 38% to $1.91 billion, helped by growth in lending, banking and commerce. Cash App Bitcoin revenue, however, fell 31% from a year earlier. Bitcoin-related activity in the Square segment was also limited, the company said.

Block generated about $28 million in Bitcoin-related revenue in the first quarter, but associated costs were at a similar level, limiting the contribution to profit. Adjusted operating income rose 56% from a year earlier to $728 million. Adjusted earnings per share increased 52% to 85 cents.

Block said it raised its annual guidance to reflect strong execution and expects gross profit to grow about 19% in 2026.