{"id":13177,"date":"2024-05-03T10:03:00","date_gmt":"2024-05-03T07:03:00","guid":{"rendered":"https:\/\/forklog.com\/en\/block-to-allocate-10-of-profits-for-bitcoin-purchases-until-year-end\/"},"modified":"2024-05-03T10:03:00","modified_gmt":"2024-05-03T07:03:00","slug":"block-to-allocate-10-of-profits-for-bitcoin-purchases-until-year-end","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/block-to-allocate-10-of-profits-for-bitcoin-purchases-until-year-end\/","title":{"rendered":"Block to Allocate 10% of Profits for Bitcoin Purchases Until Year-End"},"content":{"rendered":"<p>Jack Dorsey&#8217;s payment company Block has <a href=\"https:\/\/block.xyz\/documents\/bitcoin-blueprint.pdf\">initiated<\/a> the use of 10% of its monthly gross profit related to bitcoin for acquiring additional coins. This practice will extend through the end of 2024.<\/p>\n<p>The firm is implementing a dollar-cost averaging strategy.<\/p>\n<p>In the first quarter, Block&#8217;s gross profit from bitcoin sales <a href=\"https:\/\/s29.q4cdn.com\/628966176\/files\/doc_financials\/2024\/q1\/Shareholder-Letter_1Q24_Block.pdf\">amounted to $80 million<\/a> (+59% compared to January-March 2023). If this figure holds steady through the year, the company will allocate $24 million for acquiring digital gold.<\/p>\n<p>Block began establishing its position in the leading cryptocurrency in October 2020, allocating $50 million. In February 2021, the company further invested $170 million.<\/p>\n<p>According to <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>, Block&#8217;s holdings of 8027 BTC are valued at $476.9 million, with initial investments having increased by 2.17 times.<\/p>\n<p>In May, it was revealed that the U.S. Federal Prosecutor&#8217;s Office was examining the financial operations of Block&#8217;s cryptocurrency divisions for compliance with regulations.<\/p>\n<p>At the end of January, the company <a href=\"https:\/\/forklog.com\/en\/news\/jack-dorseys-block-undergoes-significant-layoffs\">laid off over 1000 employees<\/a> to streamline operations.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jack Dorsey&#8217;s payment company Block has initiated the use of 10% of its monthly gross profit related to bitcoin for acquiring additional coins. This practice will extend through the end of 2024. The firm is implementing a dollar-cost averaging strategy. In the first quarter, Block&#8217;s gross profit from bitcoin sales amounted to $80 million (+59% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1538,1346],"class_list":["post-13177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-purchase","tag-block"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13177","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13177"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13177\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13176"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}