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Twitter co-founder Jack Dorsey said his fintech company Block will set aside 10% of the gross profits generated by its Bitcoin products towards purchasing BTC on a monthly basis.
“Our investment in Bitcoin transcends technology; it is an investment in a future where economic empowerment is the norm,” Dorsey said in a May 2 shareholders letter.
Block held 8,038 BTC worth $573 million as of Mar. 31, the company’s latest earnings showed. These holdings in the leading crypto have reported paper gains of $233 million.
Block Performs Better Than Expected
The company also beat analysts’ expectations. With adjusted earnings of 85 cents per share, the price per Block (SQ) share was 13 cents higher than the target set by many investors and traders.
Revenue reached $5.97 billion, more than the $5.82 billion projection by Wall Street. Overall, gross profit for the company increased 22% compared to the first quarter last year.
block is DCA'ing bitcoin every month. here's how your company can do it too: https://t.co/xabpCVZdn8
— jack (@jack) May 2, 2024
Meanwhile, Block’s first quarter gross profit through the sale of BTC via its Cash App was up almost 60% year-on-year, and stood at $80.1 million. The amount of Bitcoin sold to customers increased 26% over the past year.
As a result, the fintech’s Bitcoin revenue reached $2.73 billion in the first quarter. BTC’s rising average price over the last quarter was one of the primary reasons for the increased revenue, Block said.
Jack Dorsey Believes The Internet Will Have Its Own Currency
Dorsey is devoting “so much time” and energy towards Bitcoin because of his belief “the world needs an open protocol for money,” he said.
His dedication to BTC is not impacting Block much, however, with Dorsey revealing that “less than 3% of company resources are dedicated to Bitcoin-related projects.”
“The internet will have a native currency; it’s just a matter of time,” he wrote. Until this happens, existing and emerging technologies will “operate in parallel,” Dorsey added.
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