Discontinued — last reported Q3 '25
Bitcoin revenue — Cost of revenue
Block Bitcoin revenue — Cost of revenue decreased by 8.1% to $1.89B in Q3 2025 compared to the prior quarter. Year-over-year, this metric declined by 19.9%, from $2.36B to $1.89B. Over 3 years (FY 2021 to FY 2024), Bitcoin revenue — Cost of revenue shows relatively stable performance with a 0.4% CAGR. This is a positive signal — lower values indicate better performance for this metric.
Analysis
How to read this metric
An increase generally tracks with higher Bitcoin revenue, but a disproportionate rise relative to revenue may indicate tightening margins or unfavorable pricing from liquidity providers.
Detailed definition
This metric represents the direct costs incurred by the company to acquire the Bitcoin sold to customers. It primarily c...
Peer comparison
Comparable to the cost of goods sold for digital assets or crypto-asset procurement costs at other financial services firms.
xyz_segment_bitcoin_revenue_cost_of_revenueHistorical Data
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $2.67B | $1.77B | $1.92B | $1.69B | $1.74B | $1.73B | $1.80B | $2.11B | $2.35B | $2.38B | $2.45B | $2.65B | $2.54B | $2.36B | $2.35B | $2.24B | $2.06B | $1.89B |
| QoQ Change | — | -33.5% | +8.0% | -11.9% | +3.4% | -1.1% | +4.2% | +17.5% | +11.0% | +1.4% | +3.2% | +8.0% | -4.0% | -7.1% | -0.6% | -4.9% | -7.7% | -8.1% |
| YoY Change | — | — | — | — | -34.7% | -2.7% | -6.1% | +25.2% | +34.5% | +37.8% | +36.4% | +25.4% | +8.4% | -0.6% | -4.2% | -15.7% | -18.9% | -19.9% |
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Frequently Asked Questions
- What is Block's bitcoin revenue — cost of revenue?
- Block (XYZ) reported bitcoin revenue — cost of revenue of $1.89B in Q3 2025.
- How has Block's bitcoin revenue — cost of revenue changed year-over-year?
- Block's bitcoin revenue — cost of revenue decreased by 19.9% year-over-year, from $2.36B to $1.89B.
- What is the long-term trend for Block's bitcoin revenue — cost of revenue?
- Over 3 years (2021 to 2024), Block's bitcoin revenue — cost of revenue has grown at a 0.4% compound annual growth rate (CAGR), from $9.79B to $9.91B.
- What does bitcoin revenue — cost of revenue mean?
- The direct cost the company pays to acquire the Bitcoin it subsequently sells to its users.