Jack Dorsey's Block Adding More Bitcoin to Balance Sheet, Presents Road Map for Others
Payments firm Block has initiated a dollar cost averaging program to increase its bitcoin holdings. Since April, the company has been using 10% of its monthly bitcoin-related gross profit to purchase more bitcoin, with plans to continue this practice until the end of 2024. Block's bitcoin gross profit in the first quarter was $80 million, and if this profit level persists, the company will add another $24 million worth of bitcoin to its balance sheet. Block already owns substantial bitcoin holdings, having bought 4,709 bitcoins in October 2020 and an additional 3,318 tokens in early 2021, now valued at approximately $4.7 billion. The company also published its Bitcoin Blueprint For Corporate Balance Sheets, detailing its process for acquiring large amounts of bitcoin without significantly impacting the market, and how it manages, insures, and accounts for these holdings.
