Jack Dorsey's Block will use 10% of its monthly Bitcoin-related gross profits to purchase more Bitcoin
ChainCatcher news, according to CoinDesk, Jack Dorsey's payment company Block (SQ) has begun a regular investment plan to increase its existing Bitcoin (BTC) holdings.
It is reported that the company has decided to use 10% of its monthly gross profit related to Bitcoin to purchase additional Bitcoin, with plans to execute this every month for the remainder of 2024.
According to its first-quarter financial report, Block achieved a gross profit of $80 million from Bitcoin in that quarter. If this profit level continues, the company will add $24 million worth of Bitcoin to its balance sheet under this plan.
Related tags
ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.
Related tags
Mention the project
