What Happened to Block, Inc. (formerly Square, Inc.)?

Block, Inc. began its journey in 2009 as Square, Inc., co-founded by Jack Dorsey and Jim McKelvey, with the initial goal of simplifying credit card payments for small businesses through its iconic square-shaped card reader. This innovation quickly democratized payment processing, allowing mobile devices to function as point-of-sale systems. Over the years, the company diversified its offerings, notably launching Cash App in 2013, a popular consumer-focused digital wallet enabling peer-to-peer payments, investing, and banking services.

A key turning point came in December 2021 when Square, Inc. officially rebranded to Block, Inc. This change, announced shortly after Dorsey resigned as CEO of Twitter, aimed to reflect the company's growth beyond its original Square Seller business and its increasing focus on blockchain technology, Bitcoin, and other ventures like the music streaming service Tidal (acquired in March 2021 for $297 million). The rebrand also saw Square Crypto become Spiral, dedicated to Bitcoin open-source work, and the introduction of TBD, an open developer platform for decentralized financial services.

In January 2022, Block completed its significant acquisition of Afterpay, an Australian buy-now-pay-later (BNPL) lender, for approximately US$29 billion in stock. This strategic move integrated BNPL services across Block's Square and Cash App ecosystems, expanding its reach in consumer lending and international markets. The company also faced and resolved a trademark infringement lawsuit from H&R Block in April 2023.

Block has consistently demonstrated a strong commitment to Bitcoin, holding substantial amounts on its balance sheet since 2020 and integrating it into its products. In April 2024, Block announced the development of its own three-nanometer Bitcoin mining chip and a full Bitcoin mining system, aiming to decentralize mining hardware and hashrate. By 2025, Square began rolling out Bitcoin payments for merchants via its POS hardware. The company was added to the S&P 500 index on July 23, 2025, and changed its stock ticker from SQ to XYZ in January 2025.

Current Status as of 2026-04-25: Block, Inc. continues to be a major player in fintech, with its Cash App reporting 59 million monthly active users by the end of 2025. The company has undertaken significant restructuring efforts, including workforce reductions of nearly 1,000 employees in March 2025 and over 4,000 employees in February 2026, citing the increasing capabilities of AI tools and a shift towards a leaner operating model. These cuts, which reduced headcount from over 10,000 to under 6,000, were accompanied by strong Q4 2025 financial results, with gross profit rising 24% year-over-year to $2.87 billion and adjusted operating income jumping to $588 million. Block has also raised its full-year 2026 guidance, expecting gross profit of $12.2 billion and adjusted operating income of $3.2 billion. Most recently, on April 22, 2026, Block announced an expanded global partnership with Uber, integrating Square's Uber Eats functionality internationally and launching Cash App Pay as a payment option for Uber and Uber Eats in the U.S. The company is scheduled to release its Q1 2026 financial results on May 7, 2026.