Payments
firm
Block
(SQ)
has
begun
a
dollar
cost
averaging
(DCA)
program
to
add
to
its
already
sizable
bitcoin
(BTC)
stack.
Led
by
CEO
Jack
Dorsey,
the
company
in
April
began
using
10%
of
its
monthly
bitcoin-related
gross
profit
to
buy
additional
bitcoin,
with
plans
to
do
this
each
month
for
the
remainder
of
2024.
-
08:42
Bitcoin
Ecosystem
Developments
in
2023
as
BTC
Hits
Fresh
2023
High -
01:10
Bitcoin
Extends
Rally
as
$1B
in
BTC
Withdrawals
Suggests
Bullish
Mood -
1:02:43
Why
Financial
Advisors
Are
So
Excited
About
a
Spot
Bitcoin
ETF -
02:21
When
Could
Traders
See
the
Arrival
of
a
Spot
Bitcoin
ETF?
For
perspective,
Block
had
$80
million
in
bitcoin
gross
profit
in
the
first
quarter,
according
to
its
earnings
results.
Were
that
level
of
profit
to
continue
through
the
rest
of
the
year,
the
company
under
this
program
would
add
another
$24
million
worth
of
bitcoin
to
its
balance
sheet.
Block
already
has
substantial
bitcoin
holdings,
having
purchased
4,709
bitcoins
in
October
2020
and
another
3,318
tokens
in
early
2021.
At
today’s
price
of
about
$59,000,
that
bitcoin
is
now
worth
roughly
$4.7
billion.
Alongside
that
news,
the
company
also
released
its
Bitcoin
Blueprint
For
Corporate
Balance
Sheets,
in
which
it
describes
the
process
through
which
it
is
able
to
acquire
large
amounts
of
the
crypto
without
unduly
moving
the
market,
and
how
it
custodies,
insures
and
accounts
for
the
holdings.
