Block, Led by Jack Dorsey, Implements Bitcoin DCA Program to Expand Holdings and Sets Blueprint for Corporate Balance Sheets

Block, led by CEO Jack Dorsey, has initiated a dollar-cost averaging (DCA) program to further increase its bitcoin holdings, leveraging 10% of its monthly bitcoin-related gross profit for additional purchases throughout 2024. With $80 million in bitcoin gross profit reported for the first quarter, Block aims to add an estimated $24 million worth of bitcoin to its balance sheet under this initiative if profits remain consistent. The company already boasts substantial bitcoin holdings, having acquired 4,709 bitcoins in October 2020 and an additional 3,318 tokens in early 2021, now valued at approximately $4.7 billion at the current price of about $59,000 per bitcoin. In conjunction with this announcement, Block has released its "Bitcoin Blueprint For Corporate Balance Sheets," outlining its strategy for acquiring and managing large amounts of cryptocurrency while minimising market impact and ensuring proper custodianship, insurance, and accounting practices.