The number of companies adding Bitcoin (BTC -1.31%) to their corporate treasuries has soared this year. Block (XYZ -0.34%) ranks 13th in BitcoinTreasuries’ list of public companies that hold the top cryptocurrency. But Block, which started adding Bitcoin to its balance sheet in 2020, differs from other businesses on the list.

First, its Bitcoin holdings align with its business operations. Second, unlike companies like Strategy, Block isn’t raising money to buy more Bitcoin. It simply spends 10% of the money it makes from Bitcoin products on buying Bitcoin. 

Finally, Bitcoin only makes up one area of its operations. Block is a diversified fintech business with an evolving range of payment solutions.

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The many faces of Block

Block launched in 2009 as a payment solutions software company called Square. The company later renamed itself to reflect its broader focus. But Square — with a suite of financial tools for small businesses — continues to be a core segment.

Another key component of Block’s business is Cash App, aimed at individuals. The app offers a mix of financial services, including payments, money transfers, and Bitcoin investments. Block also has a Buy Now Pay Later platform called Afterpay, as well as Bitcoin mining and wallet products.

Bitcoin is still a key focus. Block Head Jack Dorsey is a Bitcoin maximalist who believes it could become the native currency of the internet. It’s integrated into many parts of the company. For example, Square has just rolled out payment solutions for merchants that make it easier for consumers to pay with Bitcoin.

Block hasn’t benefited from Bitcoin’s surge

Ultimately, Block is more of a fintech company than a Bitcoin one — and that’s reflected in its performance. Fintechs have had a challenging 2025. As of Sept. 16, Bitcoin has gained about 23% year to date. In contrast, Block shares are down almost 12%, partly due to disappointing earnings results.

Investors can’t ignore Block’s Bitcoin focus when evaluating the company. But other factors matter too, such as how it will navigate an increasingly competitive landscape and how it will handle any stablecoin growth.