Block Commits 10% of Bitcoin Gross Profit to Monthly BTC Purchases

• Block plans to buy Bitcoin with 10% of its gross profit from BTC products every month.
• Block holds 8,038 BTC valued at $573M with reported paper gains of $233M.
• Gross profit from Bitcoin products surged nearly 60% year-on-year to $80.1 million.

In a move signaling strong confidence in Bitcoin and a commitment to its adoption, Jack Dorsey, co-founder of Twitter and CEO of Block, Inc., announced that Block will allocate 10% of its gross profit from Bitcoin products into buying Bitcoin every month.

Dorsey revealed this plan in a shareholder letter released on May 2, along with Block’s better-than-expected first-quarter results. “Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases,” wrote Dorsey, emphasizing the company’s dedication to Bitcoin.

Block has been a pioneer in integrating Bitcoin into its operations. Dorsey highlighted that Block was one of the first public companies to add Bitcoin to its balance sheet, having purchased $220 million worth of BTC across the fourth quarter of 2020 and the first quarter of 2021.

“Our invest…

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