Block (NYSE:SQ), led by CEO Jack Dorsey, has implemented a dollar-cost averaging (DCA) program to increase its Bitcoin (BTC) reserves. Starting in April, the company allocates 10% of its monthly BTC-related gross profit to purchase additional BTC, aiming to continue this practice throughout 2024. This initiative aims to further bolster Block's already substantial BTC holdings, valued at approximately $4.7 billion.
Block Embarks on Strategic Bitcoin Accumulation Program, Releases Industry-Leading Blueprint
New York, NY - Payments giant Block, led by visionary CEO Jack Dorsey, has launched an ambitious dollar-cost averaging program to expand its significant bitcoin reserves. Commencing in April, the company has allocated 10% of its monthly bitcoin-related gross profit to acquire additional bitcoin, a practice it intends to continue throughout 2024.
This strategic initiative is poised to bolster Block's position as a major player in the crypto sphere. In the first quarter alone, Block reported $80 million in bitcoin gross profit. Maintaining this level for the rest of the year would result in the company accumulating an estimated $24 million worth of bitcoin under this program, further strengthening its financial foundation.
Block's commitment to bitcoin is not new. In October 2020, the company made waves by purchasing 4,709 bitcoins, followed by an additional 3,318 tokens in early 2021. With bitcoin's current market valuation hovering around $59,000, these holdings are conservatively estimated to be worth approximately $4.7 billion.
Complementing its bitcoin acquisition strategy, Block has released its groundbreaking Bitcoin Blueprint for Corporate Balance Sheets, a comprehensive document that outlines the company's methodology for acquiring significant amounts of cryptocurrency without disrupting market stability. The blueprint also provides detailed insights into Block's processes for custody, insurance, and accounting of its crypto assets.
This industry-leading initiative underscores Block's belief in the long-term value of bitcoin and its commitment to promoting its widespread adoption. By dollar-cost averaging and sharing its expertise through the Bitcoin Blueprint, Block is not only growing its own bitcoin portfolio but also contributing to the maturation of the crypto market.
About Block:
Block, formerly known as Square, is a global payments technology company led by Jack Dorsey, the co-founder and former CEO of Twitter. The company provides a suite of financial products and services, including payment processing, digital banking, and merchant lending, aiming to empower individuals and businesses to participate in the digital economy.
