Jack Dorsey's Block Inc. added 108 BTC in Q2, raising its total Bitcoin reserves to 8,692 BTC, valued at over $1.15 billion. The purchase was made at a cost of $11 million, and the company recognized a $212.2 million gain from Bitcoin remeasurement, contrasting with a $70.1 million loss in the same quarter last year. Block reported a total revenue increase of 1.5%, reaching $6.05 billion from $5.96 billion in Q1, with a gross profit rising 8.2% to $2.54 billion. Bitcoin sales through Cash App contributed $2.14 billion to the revenue, delivering a gross profit of $66 million. This reflects Block's ongoing strategy of Bitcoin accumulation under Dorsey’s leadership. Block's approach has been characterized as a sustainable method for corporate adoption of cryptocurrency, with plans for further integration, including Bitcoin payments through its Square merchant network and mining hardware development. Following the report, Block shares rose 6% in after-hours trading.

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