Block Inc. is sitting on $433 million in unrealized Bitcoin gains, a figure that sounds impressive until you realize the company’s crypto stash was worth considerably more just six months ago.

The Jack Dorsey-led fintech company disclosed in its Q2 2026 SEC filing that its corporate Bitcoin treasury held 9,117 BTC as of June 30, 2026, with a fair value of approximately $534 million against a cost basis of $310.2 million.

Block recorded an $88.5 million remeasurement loss on its Bitcoin holdings during Q2 2026. For context, the same quarter a year earlier produced a $212.2 million gain.

The first half of 2026 was even rougher on paper. Block’s cumulative Bitcoin remeasurement loss for H1 2026 hit $261.3 million, driven largely by price…