<p>C&#7893; phi&#7871;u c&#7911;a Block, Inc. &#273;&atilde; t&#259;ng g&#7847;n 9% v&agrave;o th&#7913; T&#432; sau khi c&ocirc;ng b&#7889; k&#7871; ho&#7841;ch &#273;&#7841;t 15.8 t&#7927; USD l&#7907;i nhu&#7853;n g&#7897;p v&agrave;o n&#259;m 2028 v&agrave; th&ocirc;ng b&aacute;o mua l&#7841;i c&#7893; phi&#7871;u tr&#7883; gi&aacute; 5 t&#7927; USD, nh&#7845;n m&#7841;nh s&#7921; tin t&#432;&#7903;ng v&agrave;o kh&#7843; n&#259;ng sinh l&#7901;i li&ecirc;n t&#7909;c.</p>
<p>D&#7921; b&aacute;o trong ba n&#259;m t&#7899;i, &#273;&#432;&#7907;c c&ocirc;ng b&#7889; t&#7841;i Ng&agrave;y Nh&agrave; &#272;&#7847;u T&#432; 2025, &#273;&aacute;nh d&#7845;u m&#7897;t s&#7921; thay &#273;&#7893;i chi&#7871;n l&#432;&#7907;c c&#7911;a c&ocirc;ng ty do Jack Dorsey d&#7851;n d&#7855;t. Block &#273;ang m&#7903; r&#7897;ng t&#7915; ho&#7841;t &#273;&#7897;ng b&aacute;n h&agrave;ng t&#7841;i &#273;i&#7875;m c&#7889;t l&otilde;i sang d&#7883;ch v&#7909; ti&ecirc;u d&ugrave;ng, c&ocirc;ng c&#7909; tr&iacute; tu&#7879; nh&acirc;n t&#7841;o v&agrave; <a href="https://vn.beincrypto.com/which-key-support-levels-for-bitcoin-in-november/" target="_blank" rel="noopener">c&#417; s&#7903; h&#7841; t&#7847;ng Bitcoin</a>.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">k&#7871; ho&#7841;ch l&#7907;i nhu&#7853;n t&#259;ng tr&#432;&#7903;ng &#273;&#7891;ng th&#7901;i v&#7899;i mua l&#7841;i c&#7893; phi&#7871;u</h2>

<p>Block &#273;&atilde; v&#7841;ch ra m&#7897;t l&#7897; tr&igrave;nh nh&#7857;m m&#7909;c ti&ecirc;u t&#259;ng tr&#432;&#7903;ng l&#7907;i nhu&#7853;n g&#7897;p &#7903; m&#7913;c ph&#7847;n tr&#259;m cao gi&#7919;a c&aacute;c n&#259;m cho &#273;&#7871;n n&#259;m 2028. C&ocirc;ng ty k&#7923; v&#7885;ng thu nh&#7853;p ho&#7841;t &#273;&#7897;ng &#273;i&#7873;u ch&#7881;nh s&#7869; t&#259;ng kho&#7843;ng 30% m&#7895;i n&#259;m, &#273;&#7841;t 4.6 t&#7927; USD v&agrave;o n&#259;m 2028. L&#7907;i nhu&#7853;n tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u &#273;i&#7873;u ch&#7881;nh d&#7921; ki&#7871;n s&#7869; t&#259;ng h&#417;n 30% m&#7895;i n&#259;m, &#273;&#7841;t 5.50 USD v&agrave;o n&#259;m 2028.</p>
<p>S&#7921; ki&#7879;n n&agrave;y c&oacute; s&#7921; xu&#7845;t hi&#7879;n hi&#7871;m hoi c&#7911;a CEO Jack Dorsey. C&#7893; phi&#7871;u &#273;&atilde; gi&#7843;m 30% &#273;&#7847;u n&#259;m 2025 do c&#7841;nh tranh trong l&#297;nh v&#7921;c thanh to&aacute;n. Tuy nhi&ecirc;n, th&ocirc;ng b&aacute;o t&#7841;m ng&#7915;ng giao d&#7883;ch v&agrave; sau &#273;&oacute; &#273;&atilde; nhanh ch&oacute;ng &#273;&#7843;o ng&#432;&#7907;c s&#7921; gi&#7843;m &#273;&oacute;.</p>
<p>Trong n&#259;m t&agrave;i ch&iacute;nh 2026, Block d&#7921; ki&#7871;n l&#7907;i nhu&#7853;n g&#7897;p t&#259;ng 17% l&ecirc;n g&#7847;n 12 t&#7927; USD. Thu nh&#7853;p ho&#7841;t &#273;&#7897;ng &#273;i&#7873;u ch&#7881;nh v&agrave; l&#7907;i nhu&#7853;n tr&ecirc;n m&#7895;i c&#7893; phi&#7871;u &#273;&#7873;u d&#7921; ki&#7871;n t&#259;ng h&#417;n 30%, &#273;&#7841;t 2.7 t&#7927; USD v&agrave; 3.20 USD, t&#432;&#417;ng &#7913;ng. Ch&#7881; s&#7889; d&ograve;ng ti&#7873;n kh&ocirc;ng theo GAAP m&#7899;i, t&iacute;nh &#273;&#7871;n nhu c&#7847;u v&#7889;n trong cho vay, &#273;&#432;&#7907;c d&#7921; b&aacute;o chi&#7871;m 25% l&#7907;i nhu&#7853;n g&#7897;p&mdash;h&#417;n 4 t&#7927; USD&mdash;v&agrave;o n&#259;m 2028.</p>
<p>Block &#273;&#7863;t m&#7909;c ti&ecirc;u &#273;&#7841;t chu&#7849;n &ldquo;<a href="https://vn.beincrypto.com/not-epstein-files-heres-why-crypto-markets-are-green/" target="_blank" rel="noopener">Quy t&#7855;c 40</a>&rdquo; v&agrave;o n&#259;m 2026 v&agrave; duy tr&igrave; n&oacute; &#273;&#7871;n n&#259;m 2028. Ch&#7881; s&#7889; hi&#7879;u su&#7845;t n&agrave;y, k&#7871;t h&#7907;p t&#259;ng tr&#432;&#7903;ng doanh thu v&agrave; bi&ecirc;n l&#7907;i nhu&#7853;n tr&ecirc;n 40%, l&agrave; m&#7897;t m&#7909;c ti&ecirc;u quan tr&#7885;ng cho c&aacute;c c&ocirc;ng ty ph&#7847;n m&#7873;m v&agrave; t&agrave;i ch&iacute;nh c&ocirc;ng ngh&#7879;. <a href="https://investors.block.xyz/investor-news/news-details/2025/Block-Shares-Multi-Year-Financial-Outlook-at-Investor-Day/default.aspx" target="_blank" rel="noopener">Th&ocirc;ng b&aacute;o ch&iacute;nh th&#7913;c c&#7911;a Block</a> nh&#7845;n m&#7841;nh s&#7921; hi&#7879;u qu&#7843;, quy m&ocirc; v&agrave; &#273;&#7893;i m&#7899;i s&#7843;n ph&#7849;m trong c&aacute;c m&#7841;ng l&#432;&#7899;i t&agrave;i ch&iacute;nh c&#7911;a m&igrave;nh.</p>
<p>Ch&#432;&#417;ng tr&igrave;nh mua l&#7841;i c&#7893; phi&#7871;u m&#7903; r&#7897;ng th&ecirc;m 5 t&#7927; USD v&agrave;o 1.1 t&#7927; USD c&ograve;n l&#7841;i t&#7915; &#7911;y quy&#7873;n tr&#432;&#7899;c &#273;&oacute;. T&#7893;ng c&#7897;ng, Block hi&#7879;n c&oacute; kho&#7843;ng 6.1 t&#7927; USD &#273;&#7875; mua l&#7841;i c&#7893; phi&#7871;u, th&#7875; hi&#7879;n s&#7921; tin t&#432;&#7903;ng v&agrave;o vi&#7879;c t&#7841;o ra ti&#7873;n m&#7863;t.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">k&#7871;t qu&#7843; t&agrave;i ch&iacute;nh qu&yacute; 3 v&agrave; s&#7921; t&#259;ng tr&#432;&#7903;ng c&#7911;a cash app</h2>

<p>Block &#273;&atilde; b&aacute;o c&aacute;o k&#7871;t qu&#7843; <a href="https://investors.block.xyz/events-and-presentations/event-details/2025/Block-Third-Quarter-2025-Earnings-Call/default.aspx" target="_blank" rel="noreferrer noopener">qu&yacute; 3</a> h&#7895;n h&#7907;p, v&#7899;i l&#7907;i nhu&#7853;n v&agrave; doanh thu h&#417;i thi&#7871;u so v&#7899;i k&#7923; v&#7885;ng c&#7911;a c&aacute;c nh&agrave; ph&acirc;n t&iacute;ch. Tuy nhi&ecirc;n, l&#7907;i nhu&#7853;n g&#7897;p &#273;&atilde; t&#259;ng 18.3%, ch&#7911; y&#7871;u do s&#7921; gia t&#259;ng 24.3% c&#7911;a Cash App. Square c&#361;ng &#273;&oacute;ng g&oacute;p v&#7899;i m&#7913;c t&#259;ng 9.2% v&#7873; l&#7907;i nhu&#7853;n g&#7897;p.</p>
<p>Cash App v&#7851;n l&agrave; &#273;&#7897;ng l&#7921;c t&#259;ng tr&#432;&#7903;ng c&#7911;a Block. S&#7889; l&#432;&#7907;ng ng&#432;&#7901;i d&ugrave;ng ho&#7841;t &#273;&#7897;ng h&agrave;ng th&aacute;ng &#273;&#7841;t 58 tri&#7879;u, v&#7899;i l&#7907;i nhu&#7853;n tr&ecirc;n m&#7895;i ng&#432;&#7901;i d&ugrave;ng t&#259;ng 25.3%. Kh&#7889;i l&#432;&#7907;ng thanh to&aacute;n g&#7897;p t&#259;ng 10.9% so v&#7899;i c&ugrave;ng k&#7923; n&#259;m tr&#432;&#7899;c.</p>
<p>Doanh thu t&#7915; &#273;&#259;ng k&yacute; v&agrave; d&#7883;ch v&#7909; &#273;&atilde; t&#259;ng 22.6%, cho th&#7845;y c&aacute;c d&ograve;ng thu nh&#7853;p &#273;&#7883;nh k&#7923; l&agrave;nh m&#7841;nh. Tuy nhi&ecirc;n, doanh thu li&ecirc;n quan &#273;&#7871;n Bitcoin gi&#7843;m 19%. M&#7863;c d&ugrave; v&#7853;y, Block v&#7851;n duy tr&igrave; t&iacute;nh thanh kho&#7843;n m&#7841;nh m&#7869; v&#7899;i d&#7921; tr&#7919; ti&#7873;n m&#7863;t d&#7891;i d&agrave;o so v&#7899;i m&#7913;c n&#7907; &#273;i&#7873;u ti&#7871;t &#273;&#432;&#7907;c.</p>
<p>Ban qu&#7843;n l&yacute; l&#432;u &yacute; r&#7857;ng k&#7875; t&#7915; ng&agrave;y nh&agrave; &#273;&#7847;u t&#432; n&#259;m 2022, l&#7907;i nhu&#7853;n g&#7897;p &#273;&atilde; g&#7847;n nh&#432; t&#259;ng g&#7845;p &#273;&ocirc;i v&agrave; EBITDA &#273;i&#7873;u ch&#7881;nh &#273;&atilde; t&#259;ng g&#7845;p ba. C&ocirc;ng ty hi&#7879;n &#273;ang v&#7853;n h&agrave;nh 26 s&#7843;n ph&#7849;m t&#7841;o ra h&#417;n 100 tri&#7879;u USD l&#7907;i nhu&#7853;n g&#7897;p h&agrave;ng n&#259;m, cho th&#7845;y s&#7921; &#273;a d&#7841;ng h&oacute;a l&agrave;nh m&#7841;nh tr&ecirc;n danh m&#7909;c c&#7911;a m&igrave;nh.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">k&#7871; ho&#7841;ch m&#7903; r&#7897;ng v&agrave; t&#7847;m nh&igrave;n d&agrave;i h&#7841;n</h2>

<p>K&#7871; ho&#7841;ch m&#7903; r&#7897;ng c&#7911;a Block bao g&#7891;m c&aacute;c d&#7921; &aacute;n trong ng&agrave;nh c&ocirc;ng ngh&#7879; v&agrave; t&agrave;i ch&iacute;nh ngo&agrave;i x&#7917; l&yacute; thanh to&aacute;n. C&aacute;c th&#432;&#417;ng hi&#7879;u c&#7911;a n&oacute; bao g&#7891;m Square, Cash App, Afterpay (mua tr&#432;&#7899;c tr&#7843; sau), TIDAL (ph&aacute;t nh&#7841;c tr&#7921;c tuy&#7871;n), Bitkey (<a href="https://vn.beincrypto.com/bitcoin-cramer-manipulation-macro-headwinds/" target="_blank" rel="noopener">v&iacute; Bitcoin</a>), v&agrave; Proto (s&#7843;n ph&#7849;m khai th&aacute;c Bitcoin).</p>
<p>V&agrave;o th&aacute;ng 10, Square &#273;&atilde; ra m&#7855;t <a href="https://vn.beincrypto.com/square-launches-0-fee-bitcoin-payments-program/" target="_blank" rel="noreferrer noopener">Square Bitcoin</a>, cho ph&eacute;p h&#417;n 4 tri&#7879;u nh&agrave; b&aacute;n l&#7867; &#7903; Hoa K&#7923; ch&#7845;p nh&#7853;n v&agrave; qu&#7843;n l&yacute; Bitcoin th&ocirc;ng qua c&aacute;c h&#7879; th&#7889;ng hi&#7879;n c&oacute; c&#7911;a Square. C&aacute;c nh&agrave; b&aacute;n l&#7867; c&oacute; th&#7875; ch&#7845;p nh&#7853;n Bitcoin t&#7841;i qu&#7847;y thanh to&aacute;n, chuy&#7875;n &#273;&#7893;i t&#7899;i 50% doanh thu h&agrave;ng ng&agrave;y v&agrave; qu&#7843;n l&yacute; l&#432;u tr&#7919; tr&ecirc;n Square Dashboard.</p>
<p>Ch&#432;&#417;ng tr&igrave;nh thanh to&aacute;n Bitcoin b&#7855;t &#273;&#7847;u v&#7899;i ph&iacute; giao d&#7883;ch b&#7857;ng kh&ocirc;ng trong 1 n&#259;m, b&#7855;t &#273;&#7847;u t&#7915; 10/11/2025. Vi&#7879;c tri&#7875;n khai n&agrave;y &aacute;p d&#7909;ng cho t&#7845;t c&#7843; c&aacute;c bang c&#7911;a Hoa K&#7923; tr&#7915; New York do h&#7841;n ch&#7871; v&#7873; ph&aacute;p l&yacute;. Th&#7917; nghi&#7879;m v&agrave;o n&#259;m 2024 cho th&#7845;y c&aacute;c nh&agrave; b&aacute;n l&#7867; &#273;&atilde; t&iacute;ch l&#361;y &#273;&#432;&#7907;c 142 BTC, cho th&#7845;y s&#7921; quan t&acirc;m m&#7841;nh m&#7869; &#273;&#7871;n <a href="https://vn.beincrypto.com/nearly-115-million-longs-liquidated-an-hour-to-october-fomc-minutes-release/" target="_blank" rel="noopener">BNB v&agrave; c&aacute;c lo&#7841;i ti&#7873;n &#273;i&#7879;n t&#7917; kh&aacute;c</a> trong gi&#7899;i nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867;.</p>
<p>C&ocirc;ng ty &#273;ang tri&#7875;n khai c&aacute;c c&ocirc;ng c&#7909; tr&iacute; tu&#7879; nh&acirc;n t&#7841;o cho nh&agrave; b&aacute;n l&#7867; v&agrave; m&#7903; r&#7897;ng c&aacute;c d&#7883;ch v&#7909; t&agrave;i ch&iacute;nh c&#7911;a Cash App. Ban qu&#7843;n l&yacute; nh&#7845;n m&#7841;nh s&#7921; h&#7907;p nh&#7845;t k&#7929; thu&#7853;t v&agrave; hi&#7879;u qu&#7843; tr&ecirc;n to&agrave;n h&#7879; sinh th&aacute;i. Nh&#7919;ng n&#7895; l&#7921;c n&agrave;y nh&#7857;m gi&#7843;m s&#7921; ph&#7909; thu&#7897;c v&agrave;o kinh doanh t&#7841;i &#273;i&#7875;m b&aacute;n, n&#417;i m&agrave; s&#7921; c&#7841;nh tranh t&#7915; PayPal, Stripe v&agrave; c&aacute;c b&#7897; x&#7917; l&yacute; truy&#7873;n th&#7889;ng &#273;&atilde; t&#259;ng l&ecirc;n.</p>
<p>COO v&agrave; CFO Amrita Ahuja nh&#7845;n m&#7841;nh s&#7921; t&#7853;p trung c&#7911;a Block v&agrave;o quy m&ocirc; v&agrave; gi&aacute; tr&#7883; d&agrave;i h&#7841;n. Ban l&atilde;nh &#273;&#7841;o b&agrave;y t&#7887; s&#7921; tin t&#432;&#7903;ng v&agrave;o s&#7921; &#273;&#7893;i m&#7899;i v&agrave; &#273;&#7847;u t&#432; nh&#432; nh&#7919;ng &#273;&#7897;ng l&#7921;c c&#7911;a t&#259;ng tr&#432;&#7903;ng k&#7871;t h&#7907;p v&agrave; m&#7903; r&#7897;ng bi&ecirc;n l&#7907;i nhu&#7853;n qua n&#259;m 2028.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading">h&agrave;nh tr&igrave;nh 10 n&#259;m v&agrave; t&#7847;m nh&igrave;n t&#432;&#417;ng lai</h2>

<p>Trong h&agrave;nh tr&igrave;nh k&eacute;o d&agrave;i 10 n&#259;m t&#7915; khi IPO n&#259;m 2015, Block &#273;&atilde; chuy&#7875;n m&igrave;nh t&#7915; m&#7897;t nh&agrave; cung c&#7845;p &#273;&#7847;u &#273;&#7885;c th&#7867; th&agrave;nh m&#7897;t g&atilde; kh&#7893;ng l&#7891; fintech &#273;a d&#7841;ng. C&aacute;c th&ocirc;ng b&aacute;o ng&agrave;y 19/11 nh&#7857;m v&#7841;ch ra m&#7897;t con &#273;&#432;&#7901;ng r&otilde; r&agrave;ng khi c&ocirc;ng ty tr&#432;&#7903;ng th&agrave;nh t&#7841;i c&aacute;c th&#7883; tr&#432;&#7901;ng c&#7889;t l&otilde;i v&agrave; theo &#273;u&#7893;i s&#7921; ph&aacute;t tri&#7875;n trong c&#417; s&#7903; h&#7841; t&#7847;ng ti&#7873;n &#273;i&#7879;n t&#7917; v&agrave; d&#7883;ch v&#7909; d&#7921;a tr&ecirc;n tr&iacute; tu&#7879; nh&acirc;n t&#7841;o.</p>


Block công bố kế hoạch mua lại 5 tỷ USD và mục tiêu tăng trưởng 30% hàng năm trong chiến lược táo bạo ba năm