The Daily: Bitcoin drives nearly a third of Q3 revenue for Jack Dorsey’s Block, Kazakhstan to launch $1 billion crypto reserve, and more
Block's Q3 Bitcoin revenue neared $2 billion, Kazakhstan plans a $1 billion crypto reserve, and IREN's AI expansion strains its balance sheet.Summary
Jack Dorsey's Block reported $1.97 billion in Bitcoin revenue for Q3, accounting for nearly one-third of its total revenue, despite an 18% year-over-year decline in that segment. Overall, Block posted $6.11 billion in revenue, but adjusted operating income missed estimates.
In other news, Kazakhstan intends to establish a national crypto reserve fund between $500 million and $1 billion by early 2026, utilizing seized assets and state mining proceeds, managed under the Astana International Financial Centre.
Additionally, JPMorgan noted that while IREN's AI-cloud expansion, cemented by a $9.7 billion Microsoft deal, promises long-term upside, the rapid buildout will strain its balance sheet in the near term. Separately, Bybit and Backed Finance partnered to bring tokenized stocks like Nvidia onto the Mantle Layer 2 network, and Zcash briefly surpassed a $10 billion market cap.
(Source：The Block)