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Crypto

Block Q2 bitcoin gross profit falls 31 percent, hit by Cash App fee cuts

Block said its second-quarter gross profit from its bitcoin business fell 31 percent from a year earlier, citing the impact of lowering some bitcoin transaction fees on Cash App. Bitcoin revenue dropped 13 percent to $1.89 billion, though it rose 5 percent from the first quarter. The segment’s gross profit fell to $72 million. Block also recorded a $88.5 million valuation loss on its bitcoin holdings during the quarter.

Crypto

NYSE-listed AI firm Vida Global pays part of salaries in bitcoin, keeps books in dollars

Vida Global, an AI operating system company listed on the New York Stock Exchange, has introduced a system that lets employees receive part of their salaries in bitcoin. The company does not hold bitcoin and keeps its accounting in dollars. It pays wages in dollars, while Voltage converts the amount into bitcoin and delivers it to employees. Vida Global then settles with Voltage in dollars at month-end.

AI & Enterprise

Armstrong backs open-weight AI, responds to Huang\'s first X post

Coinbase CEO Brian Armstrong publicly voiced support for open-weight artificial intelligence models, responding to Nvidia CEO Jensen Huang\'s first post on X, blockchain outlet U.Today reported on July 24. Armstrong said open-weight models can outperform closed frontier models for internal corporate work when fine-tuned with company data. Huang’s open letter, backed by major tech firms, argued open-weight AI broadens access and strengthens U.S. leadership while acknowledging misuse risks.