- XYZ -0.08% BTC-USD -7.64%
The shares of Block, Inc. (NYSE: XYZ), the financial technology company led by Twitter co-founder Jack Dorsey, halted trading on Nov. 19 when the Bitcoin (BTC)-focused company made a major announcement.
Block unveiled a three-year financial outlook which sent the stock soaring once trading resumed.
Related: Popular crypto company shuts down as Bitcoin crashes
Dorsey founded Square (later rebranded to Block) in 2009 — only three years after co-founding Twitter in 2006. A Bitcoin advocate himself, he once said if he weren't engaged with Twitter and Square, he would be working on Bitcoin.
Jack DorseyJD Lasica, Flickr He believes the cryptocurrency shouldn't limit itself to being a "store of value" only; instead, it should have real use cases for wider adoption. Recently, he also called for a de minimis tax exemption for everyday BTC transactions.
True to his word, he once shared pictures of him paying for fries at the legendary burger chain, Steak 'n Shake, with BTC.
No wonder, Block has a suite of products that integrate Bitcoin:
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Cash App, a wallet that allows Bitcoin investing
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Bitkey, a self-custody Bitcoin hardware wallet
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Proto, a Bitcoin mining system
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Square, a point-of-sale system for merchants with Bitcoin integration
Block reveals ambitious targets for 2028, increases stock purchase program by $5B
The company today held its first investor day event since 2022 and said it expects gross profit to increase in the mid-teens annually for the next three years, reaching about $15.8 billion in 2028.
Block also said that it expects adjusted operating income to increase 30% annually to hit $4.6 billion and adjusted earnings per share (EPS) to increase 30% to hit $5.50 in three years.
It also announced a $5 billion increase to its stock repurchase program as part of the capital allocation strategy.
The company's shares were initially halted around the time of the announcement. Once trading resumed, they jumped 9% to hit the intraday high of $62.74. It closed the day at $62.
This story was originally reported by TheStreet on Nov 19, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
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