Jack Dorsey’s Block to use 10% of Bitcoin profit to buy BTC every month
Block, Inc. co-founder Jack Dorsey told shareholders its Bitcoin-buying plan during an earnings call, saying its an “investment in a future where economic empowerment is the norm.”
Twitter co-founder Jack Dorsey said his fintech firm Block, Inc. will flip 10% of its gross profit made off its Bitcoin products into buying Bitcoin (BTC) every month.
“Going forward, each month we will be investing 10% of our gross profit from Bitcoin products into Bitcoin purchases,” Dorsey wrote in a May 2 shareholder letter inclusive of its better-than-expected first-quarter results.
“We were one of the first public companies to put Bitcoin on our balance sheet,” he added. Block bought $220 million worth of BTC across Q4 2020 and Q1 2021.
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Author: Jesse Coghlan
