The Block reported that Block, a blockchain and mobile payment company led by Jack Dorsey, incurred a Bitcoin-related impairment loss of $173 million in the first quarter. The company and customer Bitcoin holdings totaled 28,355 BTC (approximately $2.2 billion). First-quarter gross profit increased by 27% year-over-year to $2.91 billion, and adjusted operating income grew by 56% to $728 million. Gross profit for the Cash App personal payment platform segment increased by 38% to $1.91 billion, driven by growth in lending, banking, and commerce, while Bitcoin-related revenue decreased by 31% year-over-year. In the Square business payment platform segment, Bitcoin-related revenue was approximately $28 million, but costs were at a similar level, resulting in minimal profit contribution. However, the annual guidance was raised, reflecting business execution and future expectations.
