Jack Dorsey’s Block to raise $1.5B in senior notes offering
Block was one of the first public companies to add Bitcoin to its balance sheet, as recently noted by the firm's co-founder, Jack Dorsey, in a letter to shareholders
Fintech firm Block, formerly Square, announced plans on May 6 to issue $1.5 billion in senior notes through a private placement to qualified institutional investors.
The company stated that the terms of the notes, including interest rates and maturity dates, are subject to negotiation with the initial purchasers. Investors allowed to participate in the round include pension funds, banks, mutual funds, and high-net-worth individuals.
Block was one of the first public companies to add Bitcoin to its balance sheet, as recently noted by the firm's co-founder, Jack Dorsey, in a letter to shareholders.
Dorsey also revealed the company's plan to allocate 10% of its gross profit from Bitcoin products every month for BTC purchases. Between the fourth quarter of 2020 and the first quarter of 2021, Block purchased $220 million worth of Bitcoin.
