Jack Dorsey's company, Block, increased the amount of Bitcoin on its balance sheet.

Payments firm Block (SQ) has launched a dollar cost averaging (DCA) program to further grow its already sizeable #Bitcoin (BTC) stash.

The Jack Dorsey-led company began using 10% of its monthly gross profits to buy Bitcoin in April and plans to do so every month for the rest of 2024.

According to data, Block made a gross profit of $80 million in the first quarter. If this profit level continues for the rest of the year, another $24 million worth of Bitcoin will be added to the company's balance sheet within the scope of the program.

Block already has a large stash, having purchased 4,709 Bitcoins in October 2020 and 3,318 Bitcoins in early 2021. At today's price of $59,000, tokens owned are currently worth approximately $4.7 billion.

In addition to this news, the company also published the Bitcoin Plan for Corporate Balance Sheets, in which it explains how to obtain large amounts of crypto without affecting the market too much and how these cryptocurrencies can be stored and secured, in order to set an example for holdings.
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