#BTC
Jack Dorsey’s Block is ‘DCA’ing’ into Bitcoin every month
Twitter co-founder Jack Dorsey said his fintech firm Block, Inc. will flip 10% of its gross profit made off its Bitcoin products into buying Bitcoin every month.
“Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases,” Dorsey wrote in a May 2 shareholder letter inclusive of its better-than-expected first-quarter results.
Source: Michael Saylor
“We were one of the first public companies to put Bitcoin on our balance sheet,” he added. Block bought $220 million worth of BTC across Q4 2020 and Q1 2021.
“Our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.”
Block’s Bitcoin gross profit for the first quarter of 2024 through customer sales with its Cash App business was up nearly 60% year-on-year to $80.1 million. 10% of this amount could buy it around 1,350 BTC at its current price of $59,250.