Block lifted its full-year profit guidance and revealed plans to invest a portion of its profits from bitcoin back into the assets, as Jack Dorsey’s company bets big on the currency’s future. Block would invest 10 per cent of gross profit from bitcoin products each month into buying bitcoin for investment, Dorsey said in a letter to shareholders on Thursday. Currently, less than 3 per cent of the company’s resources were focused on bitcoin projects, he said.
” The company’s $US220 million investment in bitcoin – which made it one of the first public companies to hold it on its balance sheet according to Dorsey – had grown by about 160 per cent to $US573 million as of the end of the first quarter. Block said its EBITDA, or adjusted earnings before interest, taxes, depreciation and amortisation, was $US705 million for the three-month period, almost doubling from the year prior and beating analyst estimates.