Block (Square) announces dollar-averaged bitcoin purchase strategy
Publicly traded payments company Block (formerly Square) announced alongside its Q1 2024 corporate earnings results that it will add more bitcoin to its balance sheet through a dollar-averaged purchase (DCA) strategy going forward.
As outlined in its 'Plan for Business Balance Sheets', each month Block will invest 10% of its monthly gross profit from bitcoin products in bitcoin purchases for investment.
Block already owns a considerable amount of bitcoins, having purchased 4,709 bitcoins in October 2020 and another 3,318 bitcoins in February 2021. At current market prices, his bitcoin holdings are worth approximately $4.7 billion.
