Jack Dorsey's fintech conglomerate Block currently invests 10% of gross profits from Bitcoin products directly into BTC itself.
In a new announcement, the company said it is making strategic investments in top crypto assets “following a number of positive developments internally and in the broader market.”
“In April, Block introduced a Bitcoin dollar-cost averaging (DCA) purchase program that will run through 2024. Under this program, Block will invest 10% of its gross profits from Bitcoin products into Bitcoin purchases. I will invest.”
The company says Bitcoin aligns with its corporate mission.
“Mr. Block believes Bitcoin is a vehicle for economic empowerment, providing a way for individuals to participate in the global monetary system and take control of their financial future.”
Block also said he plans to “continuously” evaluate his Bitcoin investment compared to other investments.
According to documents shared by the company, Block had 8,038 BTC on its balance sheet at the end of March and before the launch of the new Bitcoin purchase program. The Bitcoin trove represents about 9% of the company's total cash, cash equivalents, and marketable securities.
At the time of this writing, BTC is trading at $63,159. The top crypto asset by market capitalization has risen nearly 6% in the past 24 hours.
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