Block reports $433M in unrealized Bitcoin gains under Dorsey

Block Inc. is sitting on $433 million in unrealized Bitcoin gains, a figure that sounds impressive until you realize the company’s crypto stash was worth considerably more just six months ago. The Jack Dorsey-led fintech company disclosed in its Q2 2026 SEC filing that its corporate Bitcoin treasury held 9,117 BTC as of June 30, 2026, with a fair value of approximately $534 million against a cost basis of $310.2 million. A quarter of losses, a year of conviction Block recorded an $88.5 million remeasurement loss on its Bitcoin holdings during Q2 2026. For context, the same quarter a year earlier produced a $212.2 million gain. The first half of 2026 was even rougher on paper. Block’s cumulative Bitcoin remeasurement loss for H1 2026 hit $261.3 million, driven largely by price declines from year-end 2025 levels when the treasury’s fair value hovered around $778 million. Block did not reach for the sell button. Instead, the company bought more. Block added 234 BTC during the first half of the year, picking up 149 BTC in Q1 and another 85 BTC in Q2. The treasury grew from 8,883 BTC at the end of 2025 to 9,117 BTC by mid-year, with zero sales along the way. The 10% rule and Dorsey’s Bi...