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Jack Dorsey's Block Adding More Bitcoin to Balance Sheet, Presents Road Map for Others
The company announced the news alongside its first quarter earnings report on Thursday afternoon.
Updated May 3, 2024, 6:15 p.m. Published May 2, 2024, 8:46 p.m.
Payments firm Block (SQ) has begun a dollar cost averaging (DCA) program to add to its already sizable bitcoin stack.
Led by CEO Jack Dorsey, the company in April began using 10% of its monthly bitcoin-related gross profit to buy additional bitcoin, with plans to do this each month for the remainder of 2024.
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For perspective, Block had $80 million in bitcoin gross profit in the first quarter, according to its earnings results. Were that level of profit to continue through the rest of the year, the company under this program would add another $24 million worth of bitcoin to its balance sheet.
Block already has substantial bitcoin holdings, having purchased 4,709 bitcoins in October 2020 and another 3,318 tokens in early 2021. At today's price of about $59,000, that bitcoin is now worth roughly $4.7 billion.
Alongside that news, the company also released its Bitcoin Blueprint For Corporate Balance Sheets, in which it describes the process through which it is able to acquire large amounts of the crypto without unduly moving the market, and how it custodies, insures and accounts for the holdings.
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