Block CEO: Bitcoin Chips to Be Manufactured in the US to Counter Trade Impact

Block CEO Jack Dorsey stated that the Bitcoin mining chip Proto, developed by the company, will be launched in 2025 and will be manufactured in the United States to address tariffs and overseas manufacturing risks. Dorsey emphasized that collaboration with domestic suppliers and manufacturers will ensure the chip's release as planned. Block's first-quarter gross profit reached $2.29 billion, a 9% year-over-year increase, with Cash App's gross profit rising 10% to $1.38 billion and Square's growing 9% to $898 million. However, due to the macroeconomic environment and weak consumer spending, the company has lowered its full-year gross profit forecast for 2025 to $9.96 billion, a 12% increase year-over-year.