Summary: Fintech firm Block, formerly known as Square, reported second-quarter results on Thursday, in which its Bitcoin revenue fell 34 percent to $1.79 billion. Total revenue fell 6% to $4.4 billion. The company followed the belief of its co-founder Jack Dorsey and did not sell its Bitcoin holdings. Affected by the downturn in the crypto market, ...

Fintech firm Block, formerly known as Square, reported second-quarter results on Thursday, in which its Bitcoin revenue fell 34 percent to $1.79 billion. Total revenue fell 6% to $4.4 billion.

The company followed the belief of its co-founder Jack Dorsey and did not sell its Bitcoin holdings. Affected by the downturn in the crypto market, a loss of $36 million in Bitcoin impairment was accrued. As of June 30, the fair value of the holdings was $160 million, while the book value was $113 million.

The company said the decline in revenue was because of “a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty around crypto assets, which more than offset the benefit of volatility in the price of bitcoin during the quarter.”