👉👉👉 #JackDorsey 's Block Adding More #bitcoin to Balance Sheet, Presents Road Map for Others

Payment company Block (SQ) has initiated a dollar-cost averaging (DCA) strategy to augment its already substantial bitcoin ($BTC ) holdings.

Under the leadership of CEO Jack Dorsey, the company began allocating 10% of its monthly bitcoin-related gross profit towards purchasing additional bitcoin starting in April. This strategy is set to continue each month throughout the remainder of 2024.

In the first quarter, Block reported $80 million in bitcoin gross profit. If this level of profit persists for the rest of the year, the company's DCA program would result in an additional $24 million worth of bitcoin being added to its balance sheet.

Block already boasts significant bitcoin holdings, having acquired 4,709 bitcoins in October 2020 and an additional 3,318 tokens in early 2021. At the current price of approximately $59,000 per bitcoin, this stash is valued at roughly $4.7 billion.

In addition to this announcement, the company has unveiled its Bitcoin Blueprint For Corporate Balance Sheets. This blueprint outlines the process through which Block is able to acquire substantial amounts of cryptocurrency without causing significant market movements. It also details how the company manages custody, insurance, and accounting for its bitcoin holdings.

Source - finance.yahoo.com