Key Takeaways
- Block has launched a new DCA program to invest 10% of its monthly Bitcoin-related profits into Bitcoin.
- The program is set to add an estimated $24 million in Bitcoin to Block's balance sheet by the end of 2024.
- Block’s current Bitcoin holdings are valued at approximately $4.7 billion.
Block has initiated a new program that dedicates 10% of its monthly bitcoin-related profits to buy more Bitcoin.
This strategic effort began in April and is part of a broader initiative led by CEO Jack Dorsey.
Bitcoin profits fuel purchase plans
In its recent quarterly earnings, Block reported making $80 million in gross profit from Bitcoin activities.
At this rate, the program could add approximately $24 million worth of Bitcoin to Block’s balance sheet by year’s end.
$4.7 billion in Bitcoin assets
Block’s current holdings include over 8,027 bitcoins, acquired in 2020 and 2021. With Bitcoin’s price around $59,000, these are now valued at nearly $4.7 billion.
Alongside, Block released a “Bitcoin Blueprint For Corporate Balance Sheets,” detailing acquisition and management strategies for such assets.
