Block (XYZ 0.16%) was once a top-performing stock. In the five years leading up to its peak price in August 2021, shares had soared an astonishing 2,430%. Growth was robust, and the market had an affinity toward the business.
These days, Block's expansion has slowed down noticeably. And this fintech stock currently trades 71.7% below its record (as of July 24). That disappointing performance can drive investors away. However, it doesn't take much to maintain a positive outlook.
Here's one reason to buy Block shares today.

Image source: Block.
Betting on Bitcoin's rise
Block is known for its Square and Cash App segments, which cater to merchants and consumers, respectively, with various products and services that help them manage finances. But it's the company's foray into Bitcoin (BTC -1.34%) projects that is one important reason investors should consider buying the stock.
According to bitcointreasuries.net, Block directly owns 8,585 units of Bitcoin, with the first purchase occurring in October 2020. In 2021, co-founder and CEO Jack Dorsey revealed his view of Bitcoin. "I don't think there is anything more important in my lifetime to work on," he said at a conference that year.
Block now focuses more of its efforts on boosting Bitcoin's adoption. For instance, the company has developed and sells Bitkey, a Bitcoin hardware wallet, in over 90 countries. And Proto is Block's suite of Bitcoin mining equipment.
This is in addition to Cash App allowing its users to buy, sell, and hold Bitcoin. What's more, Square merchants can now accept payment in Bitcoin.
These developments are exciting if you're optimistic about Bitcoin. To be clear, though, investors who aren't bullish on Bitcoin probably should avoid buying this stock. While Bitcoin isn't a meaningful contributor to the company's financial performance now, there's no question that it's taking up management's time and attention. And years down the road, Block's performance could be more heavily influenced by the success of Bitcoin.