Jack Dorsey’s Block pushes Bitcoin reserves above 9,000 BTC, stock surges 10%

Block, the fintech company co-founded by Jack Dorsey, increased its Bitcoin reserves to 9,032 BTC by the end of Q1 2026, according to its latest SEC filing. This marks a rise from 8,883 BTC at the end of 2025, with the company acquiring an additional 149 BTC during the quarter at a cost of $12.6 million. The total Bitcoin investment now stands at a cost basis of $305 million, though its fair value was recorded at $617.3 million as of March 31, down from $777.5 million in December 2025. Block’s Q1 2026 financial results showed a net loss of nearly $308.7 million, a reversal from the $189.9 million profit reported in the same period a year earlier. The loss was primarily driven by $495 million in restructuring charges following a workforce reduction of over 40% announced in February 2026. Additionally, $240 million was accrued for a pending US Department of Justice matter related to compliance and risk practices. Revenue for the quarter rose 5% to $6.1 billion, while operating expenses surged 57% year-over-year to $3.1 billion. Gross profit increased 27% to $2.9 billion, with Cash App contributing $1.9 billion in segment gross profit, up 38% due to the expansion of Cash App Borrow. Square, Block’s seller-facing business, reported $981 million in gross profit, a 9% increase driven by Square Loans and a 13% rise in gross payment volume. Block’s Bitcoin holdings represent roughly 1.5% of its total assets, which stood at $40 billion as of quarter-end. The company’s stock, listed on the New York Stock Exchange under the ticker XYZ, surged approximately 10% in pre-market trading on Friday following the disclosure of its Bitcoin reserves and financial results.