Block Invests $220M in Bitcoin, Initiates DCA Buy Program, Q1 Revenue Beats Estimates

May 2, 2024, 08:25 PM

Block, formerly known as Square, has announced a strategic investment into Bitcoin and has implemented a Bitcoin Dollar Cost Average (DCA) Buy Program. The company reported its first-quarter Bitcoin revenue at $2.73 billion, surpassing the estimated $2.66 billion. Additionally, Block has committed to investing 10% of its Bitcoin product profits back into Bitcoin each month. This initiative is part of a broader strategy to integrate Bitcoin into its business operations. Block's overall financial performance also exceeded expectations, with earnings per share of $0.85 against an estimate of $0.73, and total sales reaching $6.0 billion, compared to the forecasted $5.8 billion. Block has spent $220 million on buying Bitcoin, which has increased in value by 160%.