Financial Data and Key Metrics Changes - Gross profit for Q2 2025 was $2,500,000,000, up 14% year over year, accelerating from 9% growth in the previous quarter [4] - Adjusted operating income was $550,000,000, up 38% year over year, with the highest quarterly adjusted operating income margin at 22% [4] - For Q3, the company expects gross profit of $2,600,000,000, growing 16% year over year, and adjusted operating income of $460,000,000 with an 18% margin [13] Business Line Data and Key Metrics Changes - Cash App gross profit growth reaccelerated to 16% year over year in Q2 [5] - Square's year-over-year gross payment volume (GPV) growth accelerated to 10% in Q2, with gross profit growth of 11% [9] - The company reported $218,000,000,000 in peer-to-peer volume and $183,000,000,000 in commerce capabilities over the last twelve months, with the latter growing 16% year over year [7] Market Data and Key Metrics Changes - International GPV growth accelerated to 25% year over year, driven by expanded distribution [11] - The company observed strong GPV growth in food and beverage and retail, up 1510% respectively [10] - Cash App had 8,000,000 actives either depositing a paycheck or spending at least $500 across the platform [8] Company Strategy and Development Direction - The company is focused on increasing product velocity and ramping up go-to-market investments, which are showing positive results [2][3] - The strategy is centered around four pillars: peer-to-peer platform, commerce capabilities, banking solutions, and Bitcoin transactions [7] - The company plans to continue expanding Square Financial Services originations and explore higher borrow limits for paycheck deposit actives [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to ship products faster, which is expected to enhance overall network growth and customer engagement [22] - The company raised its full-year guidance, expecting gross profit of $10,170,000,000, representing over 14% year-over-year growth [16] - Management highlighted strong early signs of product adoption and engagement, particularly with new offerings like post-purchase BNPL and Cash App Card [26] Other Important Information - The company was added to the S&P 500 this quarter, welcoming new investors [17] - The launch of new products, including Square AI and Cash App features, is expected to drive future growth [5][6] Q&A Session Summary Question: Insights on second half acceleration and product shipping - Management indicated that recent product launches and increased shipping velocity contribute to confidence in growth acceleration for the second half of the year [20][25] Question: Details on Cash Card post-purchase BNPL - Management noted strong early signs of growth for post-purchase BNPL, with significant adoption and origination volume expected to continue expanding [32][35] Question: Clarification on banking actives and growth metrics - The company reported strong growth in banking actives, with over 2,800,000 users, and emphasized the importance of customer engagement in driving gross profit [41][44] Question: Returns on Square sales efforts and market share gains - Management highlighted strong growth in new volume added and positive returns on investment from expanded sales efforts, particularly in international markets [48][50] Question: Evolution of the Borrow product and gross margin profile - The Borrow product showed strong performance with $18,000,000,000 in annualized originations, and management discussed maintaining healthy margins while expanding the product [76][78] Question: Observations on new hardware rollout and seller engagement - Management expressed excitement about the Square Handheld and its potential to drive engagement across various commerce types, alongside advancements in AI capabilities [83][85] Question: Philosophical thoughts on stablecoins and future plans - Management stated that Square and Cash App will support stablecoins as they become more widely used, while emphasizing Bitcoin's unique properties as a currency [92][94]

Core Viewpoint - The Federal Housing Finance Agency (FHFA) is expressing strong concern regarding the potential inclusion of Bitcoin as a payment option in housing transactions [1] Group 1 - The FHFA, led by Director Bill Pulte, is closely monitoring developments related to the use of Bitcoin in real estate payments [1] - There is a growing interest in cryptocurrency within the housing market, prompting regulatory scrutiny [1] - The FHFA's stance indicates a cautious approach towards integrating digital currencies into traditional financial systems [1]

这一切的幕后推手是Block资深产品负责人Miles Suter。Suter于2017年加入公司时，Cash App的比特币 功能还只是编程马拉松的试验项目。 "他们需要既懂比特币又了解社区的人，"这位自诩"早期布道者"的负责人回忆道。 八年后的今天，他正协同Cash App、Spiral、Bitkey和Square等多部门，将比特币深度融入企业生态链。 Suter表示，Square的支付落地是水到渠成的演进。Block计划今年逐步向合格商户开放比特币收款功 能，2026年实现全面推广(需获监管批准)。 智通财经APP获悉，本周，在Bitcoin 2025大会上，Block(XYZ.US)旗下支付平台Square于拉斯维加斯率 先试点实时比特币支付系统，参会者可通过Lightning网络购买BTC Inc.快闪店的各类商品。这套脱离主 区块链的支付系统，兼具高效与低成本双重优势。据介绍，顾客扫描二维码结账时，Square后台将实时 处理汇率换算和交易确认。 周二的正式发布，标志着Block推动比特币成为"日常货币"的战略迈出关键一步——这项试点计划将从 拉斯维加斯大道逐步推广至全球数百万商户。 Suter说： ...

Core Insights - Block plans to launch a Bitcoin payment option on its Square platform, allowing merchants to accept Bitcoin directly through Square hardware, with a rollout expected in the second half of the year and full availability by 2026, pending regulatory approvals [1] Group 1: Business Impact - The integration of Bitcoin payments is expected to enable small businesses to receive payments faster and retain more revenue, promoting economic empowerment for merchants [2] - The use of the Lightning Network will facilitate near-instant settlement for Bitcoin transactions, enhancing the customer experience at checkout [2] Group 2: Product Development - The new Bitcoin For Businesses feature builds on Square's existing Bitcoin Conversions, which allows qualified merchants to convert a portion of their sales into Bitcoin automatically [3] - Merchants can allocate between 1% and 10% of their daily sales to be converted into Bitcoin at the end of each day, promoting participation in a digital global monetary system [4] Group 3: Market Sentiment - Feedback from Square sellers indicates a strong interest in Bitcoin, with many seeing it as a tool for long-term savings and diversifying business holdings [5] - The company's leadership emphasizes the goal of making Bitcoin more accessible and secure for everyday use [6]