According to PANews, Jack Dorsey's payment company Block (formerly Square) plans to issue $1.5 billion in senior notes to qualified institutional investors through private placement. The terms of the notes, including interest rates and maturity dates, remain to be negotiated with the initial buyers. Investors approved to participate in this round of financing include pension funds, banks, mutual funds and high-net-worth individuals. Fitch Ratings believes that Block "has the ability to seize long-term growth opportunities in payment and consumer financial services." Previously, Jack Dorsey stated in a letter to shareholders that Block plans to use 10% of the gross profit of Bitcoin products to purchase Bitcoin each month. Block purchased $220 million worth of Bitcoin between the fourth quarter of 2020 and the first quarter of 2021.
