The Jack Dorsey-led fintech firm Block reported a 31% year-over-year decline in bitcoin ecosystem gross profit during the second quarter on Wednesday, after lowering certain Cash App transaction fees.
Block's bitcoin ecosystem generated $1.89 billion in revenue, down 13% from $2.17 billion a year earlier, but up 5% from the first quarter.
Gross profit from the segment fell to $72 million from $105 million over the same period.
The company attributed the decline to its "strategic decision" to reduce fees charged on certain bitcoin transactions through its payment app Cash App, alongside a slowdown in bitcoin trading throughout 2026.
Cash App accounted for $1.81 billion of Block's bitcoin ecosystem revenue during the quarter.
