Jack Dorsey's Block Plans to Buy More Bitcoin
Jack Dorsey's payments company Block has embarked on a dollar-cost averaging (DCA) program to add to its already sizable bitcoin (BTC) reserves.Block Inc. began purchasing additional bitcoins in April using 10 percent of the gross profits associated with bitcoin each month, and plans to do so every month through the final month of 2024. According to its first-quarter earnings report, Block's gross profit from bitcoin was $80 million. If this level of profit continues into the next year then the company's asset holdings sheet will be worth another $24 million more in bitcoin in six months under this plan.Block Inc. already holds a large amount of bitcoin, having purchased 4,709 bitcoins in October 2020, and another 3,318 tokens in early 2021.The company is also planning to buy more bitcoin in the next six months, as it has been doing so for the last six months of the year. At today's price of about $59,000, those bitcoins are now worth about $4.7 billion.
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