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BlockNews
Home BUSINESS

Jack Dorsey’s ‘Block’ to Allocate 10% of Gross Monthly Profits to Buy Bitcoin

by Conie
May 3, 2024
in BUSINESS, CRYPTO
Reading Time: 3 mins read
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• Jack Dorsey’s Block Inc. says it will buy Bitcoin every month with 10% of its gross profit from its BTC products.

• Block plans to purchase Bitcoin on a monthly cadence utilizing TWAP orders, an initiative that reportedly began in April 2024.

• Block currently holds 8,038 bitcoins, worth approximately $489 million, representing around 9% of its total cash, cash equivalents, and marketable securities.

Jack Dorsey’s financial services company Block Inc. has announced a new initiative to purchase bitcoin on a monthly basis using 10% of the gross profit from its bitcoin products. This move represents a major endorsement of bitcoin from the company led by one of the cryptocurrency’s most vocal supporters.

Block’s Bitcoin Accumulation Plan

In a recent memo, Block revealed that starting in April 2024, the company will be dollar cost averaging into bitcoin each month by taking 10% of the gross profit generated from its bitcoin products and services and using that capital to purchase more BTC.

This bitcoin accumulation plan will utilize TWAP (time-weighted average price) orders on a recurring monthly schedule. By sticking to a predetermined buying cadence rather than trying to time the market, Block aims to sidestep the volatility and uncertainty inherent to bitcoin’s price action.

Block’s Growing Bitcoin Holdings

Block, formerly known as Square, made its first direct bitcoin purchase back in October 2020 when it bought 4,709 BTC. A few months later, the company snapped up over 3,000 additional bitcoins.

As of today, Block holds 8,027 bitcoins on its balance sheet. This bitcoin trove is worth more than $489 million at current prices and represents approximately 9% of Block’s total cash reserves.

JUST IN: Jack Dorsey's 'Block' will use 10% of its gross monthly profits to buy #Bitcoin

— BlockNews.com (@blocknewsdotcom) May 2, 2024

With its new monthly BTC buying strategy powered by a percentage of the profits from Block’s bitcoin products, the company’s bitcoin stockpile is poised to rapidly expand in the years ahead.

Embracing Bitcoin at Block

This latest bitcoin accumulation initiative exemplifies how Block and Jack Dorsey have fully embraced the cryptocurrency. Beyond simply adding BTC to its corporate treasury, Block offers a suite of bitcoin-related services, including digital wallets, merchant solutions, trading platforms, and mining equipment.

By funneling a portion of the revenues generated from these bitcoin products back into purchasing more BTC each month, Block is aligning its business model with the growth of bitcoin and its underlying network.

The move signals strong confidence in bitcoin’s long-term potential from Dorsey and Block as adoption continues making inroads with institutional and retail users alike.

Tags: BitcoinBlockchainBusinesscryptoWeb3
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