Jack Dorsey Block Inc. announces it will acquire Bitcoin Each month Block allocates 10% of gross profit generated by BTC to this program. Block released a memo today that outlined its dollar cost average program for corporate balance sheets. Block says that 10% of their monthly profits from bitcoin will go towards purchasing bitcoin to invest.
It is not a post on XDorsey said “Block is DCA’ing bitcoin every month. here’s how your company can do it too.” Dorsey then shares the link to it. “Bitcoin Blueprint for Corporate Balance Sheets.” Block Inc. is planning to use TWAP order for monthly Bitcoin purchases. The initiative began in April of 2024.
Furthermore, Block’s memo/blueprint states: “By allocating a portion of our monthly bitcoin gross profits to bitcoin investment on a predetermined and recurring cadence, we sidestep the challenges of market timing. The price of bitcoin can be highly volatile and hard to predict as its price action doesn’t always correlate with existing asset classes.”
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Jack Dorsey’s Block purchased its first Bitcoin in October 2020 for 4,709 BTC. They bought over 3,000 bitcoins four months later. At present day, Block holds 8,038 bitcoins. Block estimates that this is approximately 9% Block’s cash, equivalents of cash and marketable securities. At today’s prices, the company’s entire Bitcoin stockpile is valued at over $489 millions.
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Source: watcher.guru
