Jack Dorsey's payments company, Block, has begun implementing a Dollar Average Cost (DCA) program to increase its already sizable Bitcoin (BTC) reserves. Block began using 10% of its monthly Bitcoin-related gross profit in April to purchase additional Bitcoin and plans to do so every month for the remainder of 2024.
According to Quarter 1's earnings report, Block's Bitcoin gross profit was $80 million. If this profit level continues into the second half of the year, then under this plan, the company's balance sheet will add another $24 million worth of Bitcoin.
Block already holds a large amount of bitcoins, buying 4,709 in October 2020 and 3,318 in early 2021. At today's price of about $59,000, those bitcoins are now worth about $4.70 billion.
Jack Dorsey's Block Company Plans to Buy More Bitcoin
2024-05-02 22:06:59
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