Block Increases Full-Year Guidance Amid Bitcoin Losses

Block has raised its full-year guidance following a 27% increase in first-quarter gross profit, reaching $2.91 billion. According to NS3.AI, the company reported a $173 million loss due to bitcoin remeasurement. Block's corporate Bitcoin treasury and customer bitcoin holdings amount to 28,355 BTC, valued at approximately $2.2 billion. Cash App's gross profit saw a 38% rise to $1.91 billion, despite bitcoin experiencing a 31% decline year over year.