Block Boosts Bitcoin Holdings and Raises Annual Earnings Forecast Amidst Growing Crypto Acceptance

Block, led by CEO Jack Dorsey, has announced plans to increase its bitcoin holdings and has raised its full-year adjusted core earnings forecast. The company will allocate 10% of its gross profit from bitcoin products each month to purchase the cryptocurrency, reflecting its commitment to the digital asset. This decision comes amidst the growing acceptance of bitcoin, with the approval of several bitcoin exchange-traded funds earlier in the year by the Securities and Exchange Commission. Block's move to bolster its bitcoin reserves is aligned with its vision of promoting an open protocol for money, free from centralised control. As a result of this strategy and strong performance in the payments sector, Block now expects annual adjusted core earnings to reach at least $2.76 billion, surpassing its previous forecast. The company's shares surged 7.9% following the announcement, marking a positive response from investors.