Block’s total gross profit jumped 25% to $3.166 billion in the second quarter, while its Bitcoin Ecosystem gross profit fell 31% to $72 million, making it the only segment to contract among the company’s three divisions. The segment’s implied gross margin narrowed by 102 basis points to approximately 3.82%, with gross profit of $38.20 per $1,000 of revenue, down from $48.40 a year earlier. Block also recorded an $88.474 million bitcoin remeasurement loss, compared with a $212.165 million gain a year earlier, a non-operating fair-value effect recorded separately. The company provided no Bitcoin-specific activity data, making it impossible to assess whether higher transaction volumes offset the lower fees.
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