Good morning. There’s a growing trend among corporate treasuries to add bitcoin to their balance sheets as institutional acceptance and regulatory clarity increase.
Since 2020, fintech Block (No. 179 on the Fortune 500) has held bitcoin as part of its corporate assets. Beyond its merchant services and lending tools through Square, and investing features for Cash App users, the company recently announced Square Bitcoin—a fully integrated bitcoin payments and wallet solution launching Nov. 10 for businesses of all sizes.
“We can help turn our Square sellers into corporate bitcoin holding companies as well,” Amrita Ahuja, Block’s COO and CFO, told me.
I spoke with Ahuja, along with Neil Jorgensen, Block’s treasury corporate lead, and Nikhil Dixit, head of financial planning and analysis, about how the company approaches bitcoin.
From experiment to strategy
Block’s bitcoin journey began with customer demand. In 2018, Cash App launched the ability for users to buy, hold, and sell bitcoin. Since then, more than 20 million Cash App actives have traded over $58 billion worth of bitcoin, Ahuja said.
In 2020, Block made its first corporate bitcoin purchase—$50 million, less than 1% of total assets—mainly as a learning exercise, she said. The following year, Block expanded its holdings with an additional $170 million investment in bitcoin, and in 2024 adopted a dollar-cost averaging strategy, reinvesting 10% of monthly gross profit from bitcoin products, Ahuja explained.
Block has also open-sourced its bitcoin frameworks and white papers and launched a real-time bitcoin dashboard showing its holdings and price data. As of the second quarter of this year, Block held 8,692 bitcoin on its balance sheet.
Taking the long view
Many finance leaders remain cautious, viewing bitcoin as too volatile—especially recently—compared to traditional assets. Jorgensen acknowledges that perception.
Some see it as volatile and worry about shareholder reaction, he said. “But we don’t leverage bitcoin as our operating capital—we don’t ride an emotional roller coaster with it,” he added.
Block positions bitcoin as a long-term investment, guided by clear risk parameters, according to the leaders.
“Start small,” Ahuja advised. “Whether it’s a $1 cost-averaging program or a small one-time purchase, build understanding first.”
“Having a long-term view is very helpful,” Jorgensen said. “We’ve always held a very long-term view, so it gives us confidence. We sleep well at night.”
Ahuja noted that institutional infrastructure for bitcoin—custodians, liquidity providers, and banks—has matured significantly over the past several years, creating greater stability.
Back in 2020, when bitcoin traded around $10,000, investors saw it as purely speculative, Dixit said, who previously led investor relations at Block. The challenge at the time was explaining that Block’s bitcoin strategy was a principled, calculated risk representing a small slice of its portfolio, he explained. “Today, that sentiment has shifted dramatically,” he said.
Looking ahead
Block’s leaders emphasize the importance of tracking regulation and treating bitcoin like any other strategic asset.
“AI is changing almost every vector we can see,” Jorgensen said. “We want to be at the forefront—and we see bitcoin as part of that future.”
Ahuja’s advice to peers: Treat bitcoin as a strategic investment and be ready to explain your rationale in the context of your business, liquidity, and risk appetite.
Sheryl Estrada
sheryl.estrada@fortune.com
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