Jack Dorsey's Block faces $764 million DOJ settlement as bitcoin profit plunges 50%
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Block has agreed to pay $764 million to settle a federal anti-money-laundering probe, the company disclosed alongside quarterly results showing bitcoin gross profit fell 50% as lower Cash App trading fees cut into revenue. The proposed DOJ agreement resolves an investigation into the payments firm led by Jack Dorsey, whose bitcoin-related earnings are tied to customer trading activity on Cash App rather than direct holdings. The penalty lands as Block's crypto-linked income weakens, underscoring how fee compression in retail bitcoin trading can sharply reduce the profitability of a business line the company has promoted heavily. Investors will watch whether the settlement is finalized on the proposed terms and whether Block can offset softer bitcoin trading economics through other Cash App and merchant products.
Muhabbit's AI wrote this summary in its own words from CoinDesk's report. It can get details wrong, so check the source.
Named in this story
Block (XYZ), US Department of Justice, Jack Dorsey, Cash App, Bitcoin (BTC)
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