(MENAFN- Baystreet) Hour Loop Weakens on Q1 Numbers
Warning: Beware of GameStop, Tandem Diabetes, and More
TDS Down on New Financing
Shares of Etsy Down Due to GMS Decline
DoorDash Stock Suffers Post-Earnings Plunge Previous Articles Subscribe to Get Small Cap News & Alerts Baystreet Staff - Monday, May 6, 2024
Payments Firm Block Adds To Bitcoin Stake Payments firm Block (SQ) has started a new dollar cost averaging program to steadily add to its Bitcoin (BTC) stake.
Block says it has begun using 10% of its monthly Bitcoin-related gross profit to buy additional Bitcoin, with plans to carry this out for the remainder of 2024 and beyond.
Block says that it had $80 million U.S. in Bitcoin gross profit in this year's first quarter.
Should that level of profit continue for the rest of this year, the company, under the dollar cost averaging program, would add another $24 million U.S. worth of Bitcoin to its balance sheet.
Block already has substantial Bitcoin holdings, owning more than 8,000 digital tokens currently valued at $4.7 billion U.S.
As part of its recent Q1 financial results, Block unveiled a new“Bitcoin Blueprint For Corporate Balance Sheets,” in which the company outlines its process for buying Bitcoin, as well as insuring and accounting for its cryptocurrency holdings.
Block chief executive officer (CEO) Jack Dorsey is a crypto bull, having renamed the company that used to be known as Square to reflect its growing focus on blockchain technologies.
Block's stock has risen 18% in the last 12 months to trade at $69.47 U.S. per share.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN06052024000212011056ID1108178451
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.