Block, the fintech company behind blockchain-based payment tools and financial services and led by Bitcoin advocate Jack Dorsey, is making 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 more than 10,000 employees, according to the company’s LinkedIn page. The potential reductions could affect more than 1,000 employees by the end of February, continuing a restructuring effort that began in 2024 under Dorsey.
As of March 2025, the company cut 931 jobs, cutting about 8% of its workforce of approximately 11,300 employees.
Dorsey said at the time that these measures were intended to sharpen focus and accountability, and were not positioned as cost-cutting measures tied to financial concerns or AI-driven automation.
Block, which holds around 8,800 BTC valued at around $625 million as of the latest update, is working on integrating Cash App with Square and advancing other projects, including its Bitcoin mining operation, Proto, and its artificial intelligence tool, Goose.
Jobs are being created in the technology reduction sector, where companies align their workforces with performance review cycles to streamline operations amid economic headwinds.
Crypto exchange Gemini is reducing its workforce by 25% as it restructures its business during the crypto market crisis. The stock market is also exiting the UK, European and Australian markets as it refocuses on a narrower set of core priorities.
OKX, another major exchange, has reduced its global institutional headcount as part of an internal reorganization aimed at refining its operations.
