Jake Bajada

Proto @ Block

[Spiral @spiral_xyz]

We’ve rebranded and expanded: https://t.co/cuOdSylChK

[Cute Baby @nachunja]

$XYZ
@spiralbtc (segment of @blocks) is now working on AI development.

- per @PresidioPod

Good.

[Thomas Templeton @TempletonThomas]

not having to ask the cashier to pay in bitcoin is a big

[Block Whale @BlockWhaleXYZ]

Name a 'fintech' company with better hardware than @blocks !!?

Hardware is a moat!!!

We need more!!!!!!!!

$XYZ

[Bitcoin at Block @BitcoinatBlock]

Bitcoin Day is over. Our work isn't.

This week we gave away $1M in free bitcoin to long-time hodlers and first-time buyers alike, and watched our community use @CashApp, @Square, and @Bitkey together in ways that reminded us why we build for BTC.

Thank you for the enthusiasm. Stay close - follow @BitcoinatBlock for what's coming next.

[Jake Bajada @beehawds]

@nickslaney @moneydevkit What can’t this guy do!!

[Thomas Templeton @TempletonThomas]

Shipping some meaningful bitcoin improvements today on @CashApp

- New low fees
- No fees on large buys
- No fee bitcoin spending via Lightning
- Higher withdrawal limits (if you qualify)
- Better funding rails

This is how you make living on bitcoin simple

[Spiral @spiral_xyz]

Human Bitcoin Addresses (BIP 353) end the confusion of having to use bitcoin addresses that look like 1Aqv9KxZc2y7M8b in favor of something that looks more like a Cash App, Venmo, or email addresses. Do it for grandma.

https://t.co/Wv9YXckPD9

[matt ross @emcross23]

Long post incoming…

There was a recent post on $XYZ on reddit with a lengthy reply that highlighted a lot of skeptical points about Block. I tried addressing on reddit but don’t have proper posting rights on the forum (or I’m a reddit noob and didn’t do it right, you be the judge). In any case I thought the points were worth addressing in some forum, so here it is. Onto the rebuttal to the rebuttal…

Jack is, in my opinion, a design and network-structure savant. I spent a decade investing in fintech before joining Block. I haven’t met anyone else who sees the world or designs systems the way he does. His ability to create simple interfaces, build networks, and structure ecosystems is unmatched. He is also the only person who has founded and been CEO of 2 S&P 500 companies. That is an extraordinary accomplishment. He seeded Cash App and created the environment for its success and was early in recognizing Bitcoin’s potential. I think Jack’s track record is really under-appreciated.

On capital allocation, I don’t think anyone would argue we’ve maximized the value of Tidal yet. But it’s also not a meaningful investment today after scaling the business down last year and the team has some cool stuff in the hopper. More importantly, capital allocation cuts both ways. Anyone who criticizes Tidal should also acknowledge that scaling Cash App was one of the best capital allocation decisions in the history of the industry.

Scaling the P2P network from scratch was expensive and the team faced internal and external pressure early on to cut spending back. Had leadership listened, Block would have missed one of the most successful “act twos” in fintech history. People did not believe in Cash App in the moment. Those people were wrong, and now Cash App is more than half the gross profit of Block. That was capital allocation and execution.

FWIW, I hear skepticism about Proto that echoes the skepticism Cash App received 8–9 years ago.

As Square has grown up market, we've done so profitably, with 5-6 quarter paybacks and marginal ROIs of 250%+. We’ve gone from 0 to ~150 field sales people over the past year to move up market and we’re moving up market fast while generating healthy LTVs.

We’ve grown Cash App gross profit at a 21% CAGR over the past ~2.5 years and guided to growing Cash App gross profit at a high teens compounded growth rate over the next 3 years. Last quarter we grew actives to 58 million and guided to growing at a low single digit rate going forward. The breadth of our ecosystem across P2P, commerce tools, banking, investing, savings, borrowing, and bitcoin is unmatched in my opinion in the industry.

As of October we had 8.7M primary banking actives in Cash App. That is before any benefit from our new Cash App Green status program and before we launched any lending functionality aimed squarely at this audience. When we bring an active from P2P to Primary Banking status we see ~10x increase in gross profit per active. We have a lot of runway here.

Afterpay BNPL losses remain around 1% of GMV (there was a stat in the post that 41% of BNPL is paid late which is not at all reflective of our data). Cash App Borrow has held loss rates under 3% even while scaling massively . In aggregate our consumer lending volume grew about 50% last quarter, margins as a % of originations have stayed stable through time at about 2%, and return on invested capital (ROIC) was 28% in Q3. I do not think there is another fintech platform with that combination of growth, margins, risk loss stability or returns on capital. If you find one let me know.

Our proprietary data and our incredible team of engineers and technologists in risk drive our ability to lend effectively to our customers. As Nick Molnar said, lending is a superpower at Block. The data bears this out.

Our 3 year strategy is quite clear in my eyes:

We plan to expand Square as a standalone ecosystem by investing meaningfully in new distribution channels, including field sales and partnerships, to move up market and grow internationally. We plan to do so while growing gross profit roughly in line with GPV, and we’ll increasingly power Square sellers through Managerbot.

We plan to grow Cash App actives and deepen engagement with our Primary Banking strategy. Driving faster product innovation into a larger and larger actives bases drives our expectation for strong growth at scale (Cash App Card is already the 4th largest debit program in the US).

We plan to connect Square and Cash App through our Neighborhoods product, and use each part of the Block ecosystem to drive strength in the other. We haven’t executed here in the past, I believe deeply in the product structure that exists to connect them now.

We plan to drive all of this with AI functionality for sellers (Managerbot) and consumers (Moneybot) built on our proprietary internal agentic AI platform goose. I’d encourage you all to play around with Moneybot in Cash App in the coming weeks/months as all our customers get access to it. AI is going to be the next major shift in how we invent intuitive interfaces for our customers. I haven’t seen anything like Moneybot out in the market.

I think the backward looking frustration is reasonable. But we also have a forward looking plan that I deeply believe in that calls for us to grow gross profit at a mid-teens compounding rate over the next 3 years while we expand margins, driving >30% Adjusted Operating Income growth and >30% Adjusted EPS growth. There aren’t many companies at our scale delivering that growth profile. Now it’s time to execute.

[Bitkey @Bitkey]

Bitkey Lead, @max_guise speaks today at @bitcoinmenaconf 🇦🇪

12:00 PM GST • Proof of Work Stage
With @robbie_maltby @Ben_deWaal @440UrPp
“Stop Building Bitcoin Wallets & Start Building Demand.”

We’ll share highlights soon for everyone tuning in from around the world.

[Mark Smith @cariocamark]

Cool to be featured on the @protomining home page. Really exciting to think about how we can partner on our quest to build a new economic model for small farms by adding agrivoltaics (solar over farming w BTC mining and battery storage behind the grid) and carbon removal. Looking forward to deploying domestically manufactured miners on our farms. #agrivoltaics #BitcoinMining #RegenerativeAgriculture #CarbonRemoval #farming

[Amrita Ahuja @AmritaAhuja]

We’ve been driving a major transformation across @blocks. From @CashApp to @Square to @protomining, we’ve simplified, focused, and rebuilt our core so we can serve customers and sellers even better. Appreciate @FastCompany and @smbecker for taking a closer look at what’s changed and what’s next.

https://t.co/kqT48YeB3n

[Bitkey @Bitkey]

Bitkey now has another top-tier buy partner.

US customers can now buy bitcoin with @Strike and move it straight into your Bitkey wallet in one smooth flow.

Another step toward seamless bitcoin experiences.

[Nick Slaney @nickslaney]

I’m looking for a founding designer for @moneydevkit

moneydevkit is a payment library that lets you receive your first prod bitcoin payment in less than 5 minutes, anywhere.

DX is core to the company and what we’re doing. You should of course be able to whip up designs in figma, but more importantly you should be comfortable vibecoding and using dev tools like moneydevkit and others. Dogfooding and thinking about the experience is key.

We're looking for a holistic designer who can contribute directly to our front end but also is thinking about our DX and more broadly our brand and design language. You're the founding designer, you make the rules :)

No Bitcoin experience necessary. Fresh eyes are a huge value to us.

Does this sound like you or someone you know? Send me a DM + portfolio and few words on why you / they would be great.

We're vc backed and early stage, lots of ownership, meaningful equity, and competitive salary / benefits. We are remote with a center of gravity around EST.

[jack @jack]

private pick-up your bitkey

[Michael Saylor @saylor]

"Energy is the true currency. Bitcoin is based on energy." - @ElonMusk

[Bitkey @Bitkey]

We’re wrapping up 2025 with 0% fees on bitcoin buys when you pick @CashApp in Bitkey — now through the end of the year.

The banks might be holidazed (how many are we at now?) but bitcoin never rests. Happy stacking.

Terms apply: https://t.co/Ej4ahe94gH

[Miles 🌞 @milessuter]

Within @Bitkey, we’ve turned on the ability to smash buy bitcoin to self-custody (via @CashApp) with:

- no fees
- no spread
- free auto-withdrawal

Unprecedented.

[Miles 🌞 @milessuter]

Can you spot the spot the new feature / enhancement we are dropping tomorrow with @CashApp + @Bitkey?

[Max Guise @max_guise]

We must defend privacy if we expect to have any

Huge privacy upgrade for Bitkey starting to roll out now