Three bitcoin business updates landed on 8 October 2026: Block’s early Cash App bitcoin numbers for the third quarter, a plan to bring tokenised bitcoin to an institutional exchange, and an analytics firm’s reading that miners have stopped making large transfers out of their wallets. None of them is a price signal, and TSN offers no investment advice.
Spotted via Wu Blockchain (@WuBlockchain) on X and CryptoQuant.com (@cryptoquant_com) on X.
Block: preliminary Q3 Cash App bitcoin figures
Confirmed (company document), preliminary and unaudited. Block said its “preliminary expectation for Cash App’s Bitcoin Ecosystem Revenue, which primarily represents the total bitcoin buy volume facilitated on Cash App, is $1.8B” for the third quarter [1]. It also expects a $229.7 million remeasurement gain on its own bitcoin holdings, “based on the closing price of bitcoin on September 30”. That gain is recognised below operating income and “affects GAAP results only” [1].
Block stresses that the figures are “preliminary, unaudited”. Full results are due on 3 November 2026 [1].
What the number means. This “revenue” is mostly the value of bitcoin customers bought through Cash App. It is not profit. Block itself says bitcoin trading and prices have “historically had modest impacts on Gross Profit”. The remeasurement is an accounting change in the value of bitcoin Block holds, not cash from selling it [1]. For comparison, Block’s second-quarter preliminary document also gave $1.8 billion in bitcoin ecosystem revenue, alongside an $88.5 million remeasurement loss [2].
EDX Markets and VerifiedX’s vBTC
Confirmed: the deal was announced. Product claims are the companies’ own. EDX Markets, which describes itself as an institution-only trading venue with a central clearing house, said it will bring VerifiedX’s “Verified Bitcoin (vBTC), a tokenized form of Bitcoin, to EDX for institutional spot trading”. EDX will also join the VerifiedX network as a validator [3].
A tokenised bitcoin is a token on another network that is meant to stand for real bitcoin held elsewhere. VerifiedX claims each vBTC is “collateralized 1:1 by underlying BTC, with Taproot addresses embedded in each token”, with an “evergreen redemption path back to native Bitcoin” (company claims) [3]. The release cites no audit or attestation, gives no launch date, saying only: “Additional details regarding vBTC and EDX will be announced in the coming weeks.” It labels parts of the announcement as forward-looking [3].
CryptoQuant: no “extreme” miner outflows since 21 August
Reported (analytics firm’s estimates). CryptoQuant posted on X that there have been “No extreme miner outflows since Aug 21, the day BTC hit $76K and miners flipped from ‘extremely underpaid’ to ‘fairly paid'” [4]. Its post opens with “Bitcoin miners have stopped selling”. That is CryptoQuant’s framing; what its data shows is an absence of extreme outflows by its own measure, which the post does not define [4].
Miner outflows are bitcoin leaving wallets that the firm attributes to miners. That can mean selling, but also moving coins to custodians or paying costs. The post’s charts mark the “Last extreme outflow: Aug 21, 29K BTC”. A second, “profit/loss sustainability” chart labels miners “Extremely underpaid” from May to August and “Fairly paid” since 21 August [4]. These are CryptoQuant’s model labels.
What this does not prove
- That Cash App made $1.8 billion. That figure is mostly customer purchase volume, and it is preliminary and unaudited [1].
- That vBTC is fully backed or available. The backing and redemption are company claims with no cited audit, and there is no launch date [3].
- That miners have stopped selling altogether. CryptoQuant reports no outflows above its own “extreme” threshold. Its attribution of wallets to miners is an estimate [4].
- Anything about where the price goes next. TSN makes no forecasts.
The Bottom Line
Block expects $1.8 billion of Cash App bitcoin “revenue”, mostly purchase volume, and a $229.7 million paper gain, both preliminary. EDX plans to list VerifiedX’s tokenised bitcoin, on terms still to be detailed. CryptoQuant sees no extreme miner outflows since 21 August. Each is worth recording, and each comes with clear limits.
Sources
- Block, Inc., “Block Provides Preliminary Q3 2026 Cash App Bitcoin Ecosystem Revenue”, 8 October 2026 (company document, preliminary and unaudited). https://s29.q4cdn.com/628966176/files/doc_financials/2026/q3/Q3-2026-Preliminary-Cash-App-Bitcoin-Ecosystem-Revenue.pdf
- Block, Inc., “Block Provides Preliminary Q2 2026 Cash App Bitcoin Ecosystem Revenue”, 9 July 2026 (company document). https://s29.q4cdn.com/628966176/files/doc_financials/2026/q2/Q2-2026-Preliminary-Cash-App-Bitcoin-Ecosystem-Revenue.pdf
- EDX Markets and VerifiedX, “EDX Markets and VerifiedX Partner to Bring Verified Bitcoin (vBTC) to Institutional Markets”, press release, 8 October 2026 (company claims). https://edxmarkets.com/edx-markets-and-verifiedx-partner-to-bring-verified-bitcoin-vbtc-to-institutional-markets/ (also on GlobeNewswire: https://www.globenewswire.com/news-release/2026/10/08/3377262/0/en/edx-markets-and-verifiedx-partner-to-bring-verified-bitcoin-vbtc-to-institutional-markets.html)
- CryptoQuant.com (@cryptoquant_com), X post with two charts, 8 October 2026, 16:03 BST (read via the X API; charts viewed; analytics firm’s estimates). https://x.com/cryptoquant_com/status/2108211698578632770
- Wu Blockchain (@WuBlockchain), X post, 8 October 2026, 18:41 BST (first seen for the EDX item). It goes beyond the release by naming Citadel Securities, Fidelity Digital Assets and Charles Schwab as EDX backers and saying vBTC is “redeemable for native Bitcoin at all times”; the release itself makes the redemption claim, and the backer list was not in the release. https://x.com/WuBlockchain/status/2108251356121497960
, and CryptoQuant's reading that miners have made no "extreme" outflows since 21 August. What each says, and what it doesn't.){kind=link}