2024

Bitcoin

Block

April

Twitter co-founder Jack Dorsey said his fintech firm Block will flip 10% of its gross profit made off its Bitcoin products into buying BTC&nbsp;every month.
“Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases,” Dorsey wrote in a May 2 shareholder letter, including its <a href="https://cointelegraph.com/news/block-shares-rise-q1-earnings-beat-estimates">better-than-expected</a> first-quarter results.
“We were one of the first public companies to put Bitcoin on our balance sheet,” he added. Block bought $220 million worth of BTC between the fourth quarter of 2020 and the first quarter of 2021.
<blockquote data-ct-non-breakable="true">
 “Our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm.”
</blockquote>
Its latest earnings detailed that Block held 8,038 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;as of March 31, worth around $573 million, with <a href="https://cointelegraph.com/news/analysts-expect-bitcoin-price-recovery-after-fed-leaves-rates-unchanged">reported paper gains</a><a href="https://cointelegraph.com/news/analysts-expect-bitcoin-price-recovery-after-fed-leaves-rates-unchanged"></a> of $233 million.
Block’s Bitcoin gross profit for the first quarter of 2024 through customer sales with its <a href="https://cointelegraph.com/news/square-merchants-convert-sales-bitcoin-cash-app">Cash App business</a> was up nearly 60% year-on-year to $80.1 million. Up to 10% of this amount could buy around 1,350 BTC at its current price of $59,250.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/d6c62bc2-b587-44d0-8e18-ce82be75943d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Block’s Bitcoin results and sales of Bitcoin it sells to customers for Q1 2024 and Q1 2023. Source: Block
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</figure>
Its Bitcoin revenue — the sale amount of Bitcoin sold to Block customers — was up 26% year-on-year to $2.73 billion in Q1, which the firm said benefitted from the rising average market price of Bitcoin over the quarter.
Related: <a href="https://cointelegraph.com/news/lawmakers-sec-bitcoin-options-trading">US lawmakers urge SEC to approve Bitcoin options trading</a>
In the shareholder letter Dorsey stated that he’s “spending so much time on Bitcoin,” as he believed “the world needs an open protocol for money.”
He claimed such an open protocol could benefit Block by helping it “serve more people around the world faster.”
Dorsey added, however, that “less than 3% of company resources are dedicated to Bitcoin-related projects.” 
In December 2023, Block launched its <a href="https://cointelegraph.com/news/jack-dorsey-block-launches-self-custody-bitcoin-wallet">Bitkey Bitcoin wallet</a>, and&nbsp;on April 23, it said it was <a href="https://cointelegraph.com/news/jack-dorsey-block-bitcoin-mining-system">building a “full Bitcoin mining system”</a> to help ease challenges faced by miners after the Bitcoin halving, which cut rewards by 50%.
“The internet will have a native currency; it’s just a matter of time,” Dorsey wrote. “This won’t happen overnight. The existing and emerging financial systems will operate in parallel for some time.”
Web3 Gamer: <a href="https://cointelegraph.com/magazine/web3-gamer-bitcoin-halving-shrapnel-delabs-games-rumbles-racing-star/">Bitcoin Halving will pump games, Shrapnel’s ‘simple’ secret revealed</a>

Jack Dorsey’s Block is ‘DCA’ing’ into Bitcoin every month

Cointelegraph

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