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.
