Block, Jack Dorsey's company known as Square, saw its shares rise in after-hours trading Thursday after releasing a first-quarter earnings report that beat analysts' expectations.
Shares on the Rise with Block's Bitcoin Investment Strategy
The company reported adjusted earnings of 85 cents per share, beating the consensus estimate by 13 cents. It also generated revenue of $5.97 billion, beating Wall Street's projection of $5.82 billion. Gross profit increased by 22% in this quarter, reaching $2.09 billion compared to the previous year.
The Jack Dorsey-led company plans to increase its Bitcoin holdings and open source its treasury blueprint to encourage others to do the same.
Block will invest 10% of the gross profit it makes from Bitcoin products into Bitcoin purchases each month. The company's original Bitcoin investment of $220 million has already increased by nearly 160% to $573 million.
“We believe the world needs an open monetary protocol that is not owned or controlled by any single entity,” Dorsey said. He added: "We believe that Bitcoin is the best and only candidate to be this protocol and ultimately to become the native currency of the internet."
The company's Cash App unit recorded a 25% increase in gross profit compared to the same period in the previous year.
This growth was driven by inflows and monetization rate per asset, driven primarily by strong performance in Cash App Card, BNPL platform, Bitcoin products and Cash App Borrow.
While the total amount of Bitcoin sales sold to customers and recorded as Bitcoin revenue was $2.73 billion, a gross profit of $80 million was achieved in the first quarter.
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