Block Reports $173 Million Bitcoin Revaluation Loss in Q1 but Raises Full-Year Guidance

According to The Block, Block Inc., the financial technology company founded by Jack Dorsey, reported its first-quarter 2026 financial results. Due to fair-value accounting for Bitcoin, the company recorded a non-cash Bitcoin revaluation loss of $173 million, resulting in a net loss attributable to common shareholders of $309 million. Block currently holds 28,355 BTC, valued at approximately $2.2 billion. Nonetheless, the company’s overall operational performance remained solid: total gross profit increased 27% year-on-year to $2.91 billion, while Cash App’s gross profit rose 38% to $1.91 billion. Adjusted operating margin reached a record high of 25%, and adjusted diluted earnings per share grew 52% to $0.85. Notably, Cash App’s Bitcoin business declined 31% year-on-year, and cryptocurrency-related operations contributed negligibly to gross profit. Block also raised its full-year guidance, now expecting gross profit to increase 19% year-on-year in 2026 and adjusted diluted earnings per share to rise 62%.