Bitcoin

Block

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<ul class="news-points">
 <li>Block plans to buy Bitcoin with 10% of its gross profit from BTC products every month.</li>
 <li>Block holds 8,038 BTC valued at $573M with reported paper gains of $233M.</li>
 <li>Gross profit from Bitcoin products surged nearly 60% year-on-year to $80.1 million.</li>
</ul>
In a move signaling strong confidence in Bitcoin and a commitment to its adoption, Jack Dorsey, co-founder of Twitter and CEO of Block, Inc., announced that Block will allocate 10% of its gross profit from Bitcoin products into buying Bitcoin every month.
Dorsey<a href="https://s29.q4cdn.com/628966176/files/doc_financials/2024/q1/Shareholder-Letter_1Q24_Block.pdf" target="_blank" rel="noopener noreferrer nofollow"> revealed</a> this plan in a shareholder letter released on May 2, along with Block’s better-than-expected first-quarter results. “Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases,” wrote Dorsey, emphasizing the company’s dedication to Bitcoin.
Block has been a pioneer in integrating Bitcoin into its operations. Dorsey highlighted that Block was one of the first public companies to add Bitcoin to its<a href="https://block.xyz/documents/bitcoin-blueprint.pdf" target="_blank" rel="noopener noreferrer nofollow"> balance sheet</a>, having purchased $220 million worth of BTC across the fourth quarter of 2020 and the first quarter of 2021.
“Our invest…
The post <a href="https://coinedition.com/block-commits-10-of-bitcoin-gross-profit-to-monthly-btc-purchases/" rel="noopener noreferrer nofollow">Block Commits 10% of Bitcoin Gross Profit to Monthly BTC Purchases</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Block Commits 10% of Bitcoin Gross Profit to Monthly BTC Purchases

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