PANews reported on August 8th that Jack Dorsey's Block Inc. disclosed its latest quarterly financial report on Thursday, showing gross profit of $2.54 billion in the second quarter of this year, a 14% year-on-year increase. In a separate letter to shareholders, Block stated that it has raised its 2025 gross profit forecast to $10.17 billion, an increase from its previous forecast of $9.96 billion. The company reported a revaluation loss of $212.17 million on its Bitcoin investment this quarter, a significant reversal from the $70.12 million revaluation gain reported in the same period last year. The report stated that the loss primarily reflected a decline in the fair value of its Bitcoin holdings.

Earlier today, news broke that Block increased its holdings by 108 bitcoins in Q2, bringing its holdings to 8,692.