Block adds 85 Bitcoin, treasury rises to 9,117 BTC after S&P 500 entry

Block Inc. has increased its corporate Bitcoin treasury by 85 $BTC, taking its total holdings to 9,117 $BTC and moving the Jack Dorsey-led company to 15th place in the Bitcoin 100 corporate holdings ranking.

According to Bitcoin Treasuries.NET, Block’s latest purchase raised its Bitcoin balance from 9,032 $BTC to 9,117 $BTC, placing the fintech company 15th among publicly tracked corporate Bitcoin holders. The update was shared on X and did not disclose when the purchase was completed or the price paid for the additional coins.

The latest addition comes less than three weeks after the company joined the S&P 500, becoming the second crypto-focused company to enter the benchmark U.S. stock index after Coinbase. Block officially replaced Hess Corp. before trading began on July 23 following Chevron’s acquisition of the oil producer.

Block continues adding to its Bitcoin treasury

While the latest purchase amounts to only 85 $BTC, it extends the company’s long-running strategy of holding Bitcoin on its balance sheet alongside integrating the asset across several business lines.

Block previously disclosed that it allocates 10% of the monthly gross profit generated from its Bitcoin-related products toward purchasing more Bitcoin. The company also open-sourced the framework behind that treasury strategy last year as a reference model for other businesses considering similar allocations.

Founded in 2009 as Square, the company rebranded to Block in December 2021 as it expanded beyond payment processing into blockchain infrastructure and digital asset services. Its portfolio now includes Square, Cash App, Afterpay, TIDAL, Proto and Bitkey.

Bitcoin already plays a role across several of those products. Cash App enables users to buy, sell and transfer Bitcoin, while Bitkey provides a self-custody wallet designed for individual users. Through its Proto division, Block also develops Bitcoin mining hardware and related infrastructure.

Bitcoin holdings grow as corporate treasury adoption expands

The latest increase comes during a period when corporate Bitcoin treasury strategies continue evolving, although companies have adopted different approaches toward managing their holdings.

Earlier this week, Strategy confirmed in an SEC filing that it had sold 1,638 $BTC between July 27 and Aug. 2 for $104.73 million under its Bitcoin monetization framework. The company directed $52.4 million toward STRC preferred-stock dividends and another $52.3 million to repurchase STRC shares, reducing its holdings to 842,138 $BTC.

Strategy also disclosed that it had raised another $290.6 million through MSTR common stock sales during the same reporting period, using most of the proceeds to expand its U.S. dollar reserve to about $4 billion. Executive Chairman Michael Saylor later said the additional liquidity extended the company’s funding runway by roughly 57 days.

Days later, on Aug. 5, onchain analytics platform Lookonchain reported that wallets it associated with Strategy transferred another 1,030 $BTC worth roughly $66.14 million. However, neither Strategy nor any SEC filing has confirmed that the movement represented a sale. At the time, the company’s latest official filing still reported holdings of 842,138 $BTC, illustrating that onchain transfers alone do not establish whether Bitcoin has changed ownership.

Unlike Strategy, whose recent capital framework permits Bitcoin sales to support preferred-stock dividends, debt obligations, approved security repurchases and cash reserves, Block has continued expanding its Bitcoin position through incremental purchases.

S&P 500 inclusion followed Block’s restructuring

Block’s latest treasury increase also follows a period of operational changes that preceded its admission to the S&P 500.

Earlier this year, the company reduced its workforce by about 8% after reporting weaker-than-expected fourth-quarter 2024 revenue and profit. At the time, CEO Jack Dorsey said the restructuring was intended to improve strategic alignment, organizational efficiency and performance standards. The company also eliminated hundreds of open positions while retaining roles tied to critical operations.

The company’s inclusion in the S&P 500 signaled that it had met the index’s requirements for market capitalization, profitability, liquidity and trading activity despite the earlier restructuring.

Block shares rose sharply in after-hours trading when the index inclusion was announced in July, underscoring investor interest in the company’s addition to one of the most widely followed U.S. equity benchmarks.

Block now ranks 15th among public Bitcoin holders

With 9,117 $BTC now on its balance sheet, Block has strengthened its position among public companies holding Bitcoin as a treasury asset.

Bitcoin Treasuries.NET currently ranks the company 15th in its Bitcoin 100 list based on reported corporate holdings. The latest purchase adds to a strategy that combines treasury accumulation with Bitcoin-focused consumer products, self-custody infrastructure and mining technology development rather than treating the cryptocurrency solely as a reserve asset.

The company has not announced any change to its treasury policy alongside the latest purchase, and the update from Bitcoin Treasuries.NET did not include additional details about the transaction or funding source.