Jack Dorsey’s Block may cut workforce by 10%: Report

Block, the fintech firm behind payment tools and blockchain-based financial services led by Bitcoin advocate Jack Dorsey, is carrying out performance-based job cuts that could affect up to 10% of its workforce, Bloomberg reported Sunday, citing people with knowledge of the situation.

Block has over 10,000 employees, according to the company’s LinkedIn page. The potential reductions could affect over 1,000 employees by late February, continuing a restructuring effort that began in 2024 under Dorsey.

In March 2025, the company eliminated 931 jobs, cutting about 8% of its workforce of approximately 11,300 employees.

Dorsey said at the time that the moves were intended to sharpen focus and accountability, and were not positioned as cost-cutting measures tied to financial trouble or AI-driven automation.

Block, which holds approximately 8,800 BTC valued at around $625 million as of the latest update, is working to integrate Cash App with Square and advance other projects, including its Bitcoin mining operation, Proto, and its artificial intelligence tool, Goose.

Job reductions are taking place across the technology sector, where companies are tying workforce adjustments to performance review cycles to streamline operations amid economic headwinds.

Crypto exchange Gemini is reducing its headcount by 25% as it restructures its business during the crypto market slump. The exchange is also exiting the UK, EU, and Australian markets as it refocuses on a smaller set of core priorities.

Another major exchange, OKX, has trimmed its global institutional workforce as part of an internal reorganization to refine its operations.