Jack Dorsey’s fintech conglomerate Block has announced that it will invest 10% of its gross profit from Bitcoin products directly into BTC itself. This strategic investment comes as a result of positive developments within the company and the broader market. Block implemented a bitcoin dollar cost average purchase program in April, which will continue until 2024. Under this program, Block will invest 10% of its gross profit from bitcoin products into Bitcoin purchases.
The company believes that Bitcoin aligns with its corporate mission of economic empowerment, allowing individuals to participate in a global monetary system and have control over their financial future. Block plans to continuously assess its investment in Bitcoin compared to its other investments.
As of the end of March, before the implementation of the Bitcoin purchase program, Block held 8,038 BTC on its balance sheet. This represents approximately 9% of the company’s total cash, cash equivalents, and marketable securities.
At the time of writing, BTC is trading at $63,159, showing a nearly 6% increase in the past 24 hours.
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