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Categories: Bitcoin
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May 4, 2024

Jack Dorsey-Led Block Announces Plan To Invest 10% of Its Gross Profit From Bitcoin Products Directly Into BTC

By Conor Devitt

Jack Dorsey’s fintech conglomerate Block is now investing 10% of its gross profit from Bitcoin products directly into BTC itself.

In a new announcement, the firm notes that it is making a strategic investment in the top crypto asset “following numerous positive developments both within the company and in the broader market.”

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“In April, Block implemented a bitcoin dollar cost average (DCA) purchase program that will run through 2024. Under the program, Block will be investing 10% of its gross profit from bitcoin products into Bitcoin purchases.”

The firm says Bitcoin aligns with its corporate mission.

“Block believes that Bitcoin is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and control their own financial future.”

Block also notes that it plans to assess its investment in Bitcoin compared to its other investments “on an ongoing basis.”

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At the end of March and prior to the start of the new Bitcoin purchase program, Block held 8,038 BTC on its balance sheet, according to a document shared by the firm. The Bitcoin trove represents approximately 9% of the company’s total cash, cash equivalents and marketable securities.

BTC is trading at $63,159 at time of writing. The top-ranked crypto asset by market cap is up nearly 6% in the past 24 hours.

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