BlockBeats News, May 8th, Block, owned by Jack Dorsey, recorded a $173 million revaluation loss in the first quarter due to Bitcoin price volatility, resulting in a net loss of $309 million attributable to common stockholders. Block holds 28,355 bitcoins, valued at approximately $2.2 billion. Despite this non-cash loss, Block's first-quarter total revenue increased by 27% year-on-year to $2.91 billion. Cash App's revenue grew by 38% to $1.91 billion, but Bitcoin business declined by 31%.

Square's Bitcoin business remained relatively unchanged, with revenue of approximately $28 million, offset by roughly equivalent costs, making the impact on gross profit negligible. Adjusted operating profit grew by 56% to $728 million, and adjusted earnings per share increased by 52% to $0.85. Block raised its full-year performance expectations, anticipating a 19% year-on-year increase in annual revenue in 2026, with adjusted diluted earnings per share up by 62%.