Block Inc. Reports $2.73B in Bitcoin Revenue, Plans 10% Profit Investment

May 2, 2024, 09:50 PM

Block Inc., under the leadership of CEO Jack Dorsey, has announced a strategic investment in Bitcoin, including the implementation of a Bitcoin Dollar Cost Average (DCA) Buy Program. The company reported first-quarter Bitcoin revenue of $2.73 billion, surpassing estimates of $2.66 billion. Additionally, Block's overall first-quarter revenue increased by 19% year-over-year to $5.96 billion, with a gross profit of $2.09 billion. The company's earnings per share (EPS) were $0.85, exceeding the expected $0.73, although another report cited a diluted EPS of $0.74. As part of its investment strategy, Block plans to allocate 10% of its gross profit from Bitcoin products to purchase Bitcoin each month. This initiative has already resulted in a significant return, with Block's $220 million investment in Bitcoin appreciating by approximately 160%.