- 1Square Loans originated $1.7B in Q3 2025, up from $1.68B in Q2.
- 2Block recast quarterly originations back to Q3 2024 to add a new short-term loan product.
- 3Block reported $1.96B in Bitcoin revenue in Q3, at very slim margins.
Square Loans originated $1.7 billion in the third quarter of 2025, up from $1.68 billion in the prior quarter. A flat Q2-to-Q3 stretch is not unusual for the program: in 2024, originations dipped 4% between the same two quarters.
Recast figures
In the footnotes to its earnings, Block said it recast quarterly origination figures back to Q3 2024. The reason is a new short-term loan product that had not been included in previously reported numbers.
Context
Square Loans is the largest online small business lender by tracked originations volume. As a Block subsidiary, its commercial lending program rarely comes up on earnings calls, where the focus is on payments, Square and Cash App.
Block also reported $1.96 billion in Bitcoin revenue in Q3. Margins on that line are extremely slim, since the revenue reflects Block buying Bitcoin on the open market and selling it to buyers on Cash App.
Source reporting: deBanked.
