Block Inc. CFO Amrita Ahuja believes that Bitcoin can become the open protocol that powers the internet.
She argues that it would enable money to move at the speed of the internet and allow it to flow across jurisdictions with far greater efficiency. Ahuja shared this perspective while speaking on CNBC today, following the company’s Q2 earnings report.
She said the fintech giant has been making disciplined investments in Bitcoin for years, spanning buy/sell products, self-custody services, and mining initiatives. The company plans to roll out new mining chips in the second half of this year to help democratize the mining ecosystem.
Notably, Block Inc. is among the leading public companies holding Bitcoin on its balance sheet. The firm currently holds 8,584 BTC worth $1 billion.
Strong Q2 Results
Beyond Bitcoin, Block posted a strong second quarter. It saw gross profit growth from 9% in Q1 to 14% in Q2, and achieved a record 22% adjusted operating income margin.
“We outperformed our guidance on gross profit. We also achieved our highest-ever quarterly adjusted operating income margin at 22%,” said Ahuja.
Notably, following this performance, shares rose as the company raised its outlook for the second half of the year. Ahuja attributed the momentum to faster product rollouts across the Square and Cash App ecosystems.
She highlighted innovations such as the new Square Handheld device, Bitcoin payment options for Square sellers, and new Cash App features such as Tap to Pay for businesses.
Cash App’s Expanding Ecosystem with BTC
The CFO also highlighted that Cash App has evolved far beyond its peer-to-peer roots. Specifically, it now processes $218 billion in payment volume and engages 26 million monthly debit card users.
Its commerce platform handles $183 billion annually, growing 16% year over year. Meanwhile, its banking services now reach 8 million customers, generating $250 in annualized revenue per user.
Importantly, Bitcoin remains a core growth pillar, with 8 million customers having bought or sold BTC through the app.