Jack Dorsey’s Block Continues Monthly Bitcoin Accumulation

Jack Dorsey, the co-founder of Twitter, announced that his fintech company Block will invest 10% of its gross profit from Bitcoin products into purchasing BTC every month. In a shareholder letter dated May 2, Dorsey stated that Block was one of the first public companies to add Bitcoin to its balance sheet. Between the fourth quarter of 2020 and the first quarter of 2021, Block purchased $220 million worth of BTC. As of March 31, Block held 8,038 BTC, valued at approximately $573 million, with paper gains of $233 million. Block’s Bitcoin gross profit for the first quarter of 2024 was $80.1 million, a 60% increase compared to the previous year. Up to 10% of this profit could be used to buy around 1,350 BTC at the current price of $59,250. Block’s Bitcoin revenue, which refers to the amount of Bitcoin sold to customers, increased by 26% year-on-year to $2.73 billion in Q1. Dorsey emphasized his dedication to Bitcoin, stating that he believes the world needs an open protocol for money. However, he noted that less than 3% of the company’s resources are dedicated to Bitcoin-related projects. Block recently launched its Bitkey Bitcoin wallet and announced plans to build a full Bitcoin mining system to support miners after the Bitcoin halving. Dorsey expressed his belief that the internet will eventually have a native currency, but acknowledged that the existing financial systems will continue to operate alongside emerging ones for some time.