Jack Dorsey’s Block will start investing 10% of gross profits from BTC transactions in bitcoin every month
The company already holds $573 million worth of cryptocurrency on its balance sheet
03.05.2024 - 08:35
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2 min
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What’s new? Twitter founder Jack Dorsey’s fintech company Block will start allocating 10% of gross profits from bitcoin products each month to buy the first cryptocurrency. Dorsey, in a letter to shareholders, called it an “investment in a future where economic empowerment is the norm.”
What else is known? Dorsey noted that Block is one of the first public companies to include bitcoin in its balance sheet. For example, from Q4 2020 to Q1 2021, Block bought $220 million worth of BTC.
According to the latest earnings data, Block held 8038 bitcoins worth about $573 million on its balance sheet at the end of Q1 2024, and unrealized gains on those investments totaled $233 million.
Block’s gross profit from bitcoin transactions by Cash App users grew nearly 60% year-on-year to $80,1 million. 10% of that amount could be used to buy about 1350 bitcoins at current prices of around $59 250.
Overall, Block’s bitcoin revenue grew 26% year-over-year to $2,73 billion, the company attributed this to an increase in the market price of the asset during the quarter.
In December 2023, Block launched its Bitkey bitcoin wallet, and on April 23 this year, it announced the creation of a bitcoin mining system to alleviate the problems faced by miners after the fourth halving of the Bitcoin network.
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Dorsey told shareholders that he is “spending so much time on Bitcoin” because he believes that “the world needs an open protocol for money.” He believes such a protocol could benefit Block by helping the company “serve more people around the world faster.”
However, according to the businessman, less than 3% of the company’s resources are currently dedicated to bitcoin-related projects.
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