Jack Dorsey's Block Is Investing 10% Of Its Bitcoin Profits Into Monthly Bitcoin Purchases

An anonymous reader shared this report from the blog Bitcoinist:

Jack Dorsey's financial services and digital payments company, Block Inc., announced it will begin investing 10% of its monthly Bitcoin-related gross profits into BTC purchases. This announcement was made following the release of Block's first-quarter earnings for 2024, which demonstrated substantial profits from its Bitcoin operations.

Block reported Bitcoin-related gross profits amounting to $80 million in the first quarter alone. If this trend continues, the implementation of the new dollar cost averaging (DCA) program could see the company investing approximately $24 million in Bitcoin within one year... Dorsey also shared a detailed document [PDF] titled 'Bitcoin Blueprint For Corporate Balance Sheets,' which serves as a comprehensive guide for other corporations interested in integrating BTC into their financial strategies.

According to the document, Block, formerly known as Square, began its substantial acquisitions in October 2020, purchasing 4,709 BTC at an aggregate price of $50 million. The company later bought an additional 3,318 BTC in February 2021 for $170 million. As of March 31, 2024, Block holds approximately 8,038 BTC, representing about 9% of its total cash and marketable securities.

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