Jack Dorsey’s block saw pre-market trading following reports that XYZ stocks surged on Friday, and that the company added more Bitcoin (BTC) to its stockpile in the second quarter (second quarter).
Block is one of the companies that will accelerate Saylorization Flywheel as companies’ adoption of Bitcoin grows.
Block increased by 108 bitcoins in the second quarter
Fiscaling with the US SEC (Securities and Exchange Commission) shows Jack Dorsey’s Block Inc. purchased 108 BTC in the second quarter. At the current rate, this BTC purchase alone is valued at $12.58 million, as Bitcoin is trading at $116,554 at the time of this writing.
After purchase, Block holds 8,692 BTC tokens, worth over $1 billion. This makes Block Inc. effectively the 13th largest public company holding BTC.
The Move Positions, along with Twenty One Capital and MicroStrategy, blocks Block Inc. among companies driving Saylorization Trend.
Recently, Bitcoin pioneer Max Keizer told Beincrypto that companies must mimic the strategy process to accumulate BTC so that they don’t leave behind.
“For businesses to survive, they must mimic the strategy process. They need to ‘chlorinate’ or die,” Keizer told Beincrypto.
According to Max Keizer, companies employing this strategy can drive Bitcoin to $2.2 million per coin.
Meanwhile, in line with investors’ enthusiasm for companies adopting Bitcoin’s financial strategy, Bullock’s XYZ stocks recorded a noticeable spike, rising almost 10% in pre-market trading.
Block’s Q2 return exceeds Wall Street’s forecast
Beyond optimism about the block that will win Bitcoin, XYZ’s stock surge continues with a positive second-quarter earnings report.
The report shows Block’s total revenue reached $6.055 billion in the second quarter, with gross profit rising sharply. More closely, it rose 8.2% to $2.54 billion, due to Bitcoin-related revenue from the Cash app.
Bloomberg reported that the block boosted its full-year profit outlook after second-quarter revenue exceeded Wall Street’s forecasts.
Based on the report, the strong growth of Block’s Cash App Lending products and stable payment processing through the company’s Square Merchant Network contributed to strong growth.
Thus, voter turnout demonstrates continued confidence in the block’s fintech ecosystem and the long-term value of Bitcoin.
Meanwhile, Block’s gross profit rose year-on-year (Yoy), but its Bitcoin holdings saw a revaluation loss of $2217 million. Analysts attribute this to a decline in Bitcoin’s fair value.
This means that as Bitcoin’s market price drops, the BTC holdings of the block have become less valuable than before.
Post-block spiked pre-market 10% as Jack Dorsey’s company expanded its sayorization trend.
