Dorsey's Block to invest 10% of bitcoin profits into BTC each month, shares rise on Q1 earnings beat

📆 5/2/2024 4:45 PM
📰 TheBlock__

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Jack Dorsey's Block will be investing 10% of its gross profit from bitcoin products into bitcoin purchases and will open-source its treasury.

Block shares were trading higher in the after-hours session Thursday following first-quarter earnings that beat analysts' expectations.

Notably, the Jack Dorsey-led company also announced it will begin adding more bitcoin to its balance sheet and is open-sourcing its treasury blueprint so others can follow suit. "We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity. We believe bitcoin is the best and only candidate to be that protocol, and to ultimately become the native currency of the internet," wrote Dorsey in the letter.

The total sale amount of bitcoin sold to customers, which it recognizes as bitcoin revenue, was $2.73 billion and had a gross profit of $80 million in the first quarter, the company said.

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