Jack Dorsey’s fintech conglomerate Block is now investing 10% of its gross profit from Bitcoin products directly into BTC itself.
In a new announcement, the firm notes that it is making a strategic investment in the top crypto asset “following numerous positive developments both within the company and in the broader market.”
“In April, Block implemented a bitcoin dollar cost average (DCA) purchase program that will run through 2024. Under the program, Block will be investing 10% of its gross profit from bitcoin products into Bitcoin purchases.”
The firm says Bitcoin aligns with its corporate mission.
“Block believes that Bitcoin is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and control their own financial future.”
Block also notes that it plans to assess its investment in Bitcoin compared to its other investments “on an ongoing basis.”
At the end of March and prior to the start of the new Bitcoin purchase program, Block held 8,038 BTC on its balance sheet, according to a document shared by the firm. The Bitcoin trove represents approximately 9% of the company’s total cash, cash equivalents and marketable securities.
BTC is trading at $63,159 at time of writing. The top-ranked crypto asset by market cap is up nearly 6% in the past 24 hours.
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