Block, formerly known as Square, Inc, detailed a months-long plan during its earnings call Thursday to buy Bitcoin with 10% of its gross profits from Bitcoin-related products and services.“In April, Block implemented a Bitcoin dollar cost average (DCA) purchase program that will run through 2024,” the company said in a Acquiring Bitcoin on a monthly basis is more of a “principled investment approach” than “purchasing Bitcoin in lump sums,” the company said in a so-called Meanwhile, the company founded by Twitter co-founder Jack Dorsey A significant chunk of Block’s first-quarter revenue came from Bitcoin sold to customers, totaling $2.7 billion. Along with allowing users of the payments app Cash App to purchase Bitcoin, Block also offers the The company’s renewed commitment to Bitcoin follows its launch of a From coffee shops to street merchants, Square’s business technology platform supports more than four million sellers, Block shares popped as much as 9% post-earnings to $76.59, but the firm’s stock price had settled Friday to $72.17, as of this writing. Down more than 3% over the past week, shares plummeted Wednesday as low as $66.17, amid reports that U.S. prosecutors are investigating Block’s Bitcoin business over MicroStrategy founder and Chairman Michael Saylor MicroStrategy’s trove of 214,000 Bitcoin has been stacked over the course of more than 30 purchases. But prior to Thursday’s announcement, Dorsey’s Block had purchased Bitcoin only twice, despite being an early adopter among Wall Street-traded firms.Scooping up 4,700 Bitcoin at an average price of $10,600, Block Totaling around 8,000 BTC, the Block’s stash is ranked seventh among publicly traded companies holding the asset, situated behind a few crypto miners, crypto exchange Coinbase (9,480 BTC), and Elon Musk’s Tesla (9,720 BTC), according to Edited by Andrew Hayward
