LATEST: Jack Dorsey’s Block Expands Bitcoin Holdings, Offers Guidelines

Block Inc., the payments giant led by CEO Jack Dorsey, has launched a dollar cost averaging (DCA) strategy, earmarking 10% of its monthly bitcoin-related gross profits for additional bitcoin purchases throughout 2024. This initiative commenced in April, with the company’s first quarter bitcoin gross profits at $80 million, indicating potential additional acquisitions of $24 million in bitcoin by year’s end. This ambitious buying plan is set to significantly augment Block’s already impressive bitcoin reserves.

Currently, Block holds a notable amount of bitcoin, having secured 4,709 bitcoins in October 2020 and 3,318 more in early 2021. Valued at today’s bitcoin price of approximately $59,000 per token, these holdings are now worth around $4.7 billion. Further solidifying its commitment to cryptocurrency, Block has also unveiled its Bitcoin Blueprint For Corporate Balance Sheets. This document outlines their method for acquiring substantial bitcoin volumes without major market impact, alongside details on custody, insurance, and accounting practices for their digital assets.


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