Jack Dorsey’s Block To Add In More Bitcoin; Reveals BTC Blueprint

Author: Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

May 3, 2024 19:00

Block, led by CEO Jack Dorsey in April began using 10% of its gross Bitcoin profits to accumulate more BTC and continue this for the rest of the months in 2024. With $80 million gross BTC profits in the first quarter, if the profit level continued throughout the year, it could add $24 million worth of BTC to its balance sheet, with an already substantial amount of BTC holdings. It has also disclosed its Bitcoin Blueprint For Corporate Balance Sheets with the process through which it is able to acquire large amounts of the crypto without unduly moving the market, and how it custodies, insures, and accounts for the holdings.