Block, the fintech giant co-founded by Jack Dorsey, ended Q1 2026 with 9,032 Bitcoin, slightly above the 8,998 figure shared in its latest proof-of-reserves and higher than the 8,883 held at the close of 2025.
The disclosure came in the company’s quarterly filing with the US SEC, which also revealed a net loss of nearly $308.7 million for the first quarter of 2026, a sharp reversal from the $189.9 million profit it earned in the same period a year earlier.
The company, listed on the New York Stock Exchange under the ticker XYZ, added 149 Bitcoin during the first three months of 2026 at a cost basis of $12.6 million. Block carried out its entire Bitcoin investment at a cost basis of about $305 million, though its fair value stood at $617.3 million as of March 31, 2026. That figure was down from $777.5 million at the end of December 2025.
Block’s total Bitcoin investment represented roughly 1.5% of its $40 billion in total assets as of quarter-end.
The quarterly loss was driven by approximately $495 million in restructuring charges tied to a workforce reduction of more than 40% announced in February 2026.
Block also accrued $240 million for a pending US Department of Justice matter related to compliance and risk practices. Total operating expenses surged 57% year over year to $3.1 billion, while revenue rose just 5% to $6.1 billion.
Gross profit climbed 27% to $2.9 billion, lifted by Cash App, which delivered $1.9 billion in segment gross profit, a 38% jump fueled by the rapid expansion of Cash App Borrow.
Square, the seller-facing business, contributed about $981 million in gross profit, up 9%, driven largely by Square Loans and a 13% increase in gross payment volume.
Block’s shares advanced approximately 10% during Friday’s pre-market session, per Yahoo Finance.