Block (BTC) Boosts Crypto Market: Jack Dorsey’s Firm Dedicates 10% of Bitcoin Profits to Monthly BTC Purchases
- Block Inc., led by Jack Dorsey, announces a plan to invest 10% of its monthly Bitcoin-related gross profits into BTC purchases.
- The company reported Bitcoin-related gross profits of $80 million in Q1 2024, potentially leading to an annual investment of around $24 million in BTC.
- Dorsey shares a “Bitcoin Blueprint For Corporate Balance Sheets,” encouraging other corporations to integrate BTC into their financial strategies.
Block Inc., Jack Dorsey’s financial services company, plans to invest a significant portion of its Bitcoin-related profits back into BTC, potentially influencing other corporations to do the same.
Block Inc.’s Bitcoin Investment Strategy
Block Inc. recently announced that it will begin investing 10% of its monthly Bitcoin-related gross profits into BTC purchases. This decision follows the release of the company’s first-quarter earnings for 2024, which showed substantial profits from its Bitcoin operations. If this trend continues, the company could invest approximately $24 million in BTC within one year. The company’s strategy involves purchasing Bitcoin through over-the-counter transactions with a liquidity provider, using a Time-Weighted Average Price (TWAP) to minimize price slippage.
Bitcoin Blueprint For Corporate Balance Sheets
Jack Dorsey elaborated on the company’s new investment strategy in a recent post, stating, “Block is DCA’ing Bitcoin every month. Here’s how your company can do it too.” He also shared a detailed document titled “Bitcoin Blueprint For Corporate ... Read the full article for FREE at COINOTAG!
