Jack Dorsey’s Block Deducts 10% Of Monthly Profits To Buy Bitcoin
Block's Bitcoin gross profit surged nearly 60% year-on-year in the first quarter of 2024, reaching $80.1 million through customer sales via its Cash App business
Beginning in April, Jack Dorsey's Block allocates 10% of its monthly Bitcoin-related gross profit to purchase additional BTC, intending to continue this strategy throughout 2024.
This move aims to enhance its already substantial Bitcoin stack, totaling 8,038 BTC as of March 31, valued at approximately $573 million, with reported paper gains of $233 million.
Block's Bitcoin gross profit surged nearly 60% year-on-year in the first quarter of 2024, reaching $80.1 million through customer sales via its Cash App business. This growth trajectory suggests potential additional Bitcoin purchases worth $24 million by year-end, based on current profits.
In addition to this initiative, Jack Dorsey's Block released its "Bitcoin Blueprint For Corporate Balance Sheets," outlining its acquisition process without significantly impacting the market, along with custodial, insurance, and accounting procedures for its holdings.
Dorsey affirmed the commitment to monthly Bitcoin investments, stating, "Each month, we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases."
