Block will allocate 10% of its profits to buy Bitcoin
💲 Jack Dorsey's payment firm, Block, has begun dedicating 10% of its monthly gross profit from Bitcoin-related activities to purchasing 🫰 more Bitcoin. This strategy is set to continue through the end of 2024.
In the first quarter, Block's gross 💰 profit from Bitcoin transactions reached $80 million, marking a 59% increase compared to the same period in 2023. Should this trend persist throughout the year, the company plans to spend $24 million on 👌 acquiring more Bitcoin.
👀 As per BitcoinTreasuries, the 8,027 BTC on Block’s balance sheet are currently worth $476.9 million, reflecting a 2.17-fold increase on the initial investments made between 2020 and 2021.
It raises questions whether this financial strategy is linked to an ongoing investigation by the U.S. Federal Prosecution into Block’s financial operations. 🤔
