Advertisement
Canada markets closed

  • S&P/TSX

    22,465.37
    +165.54 (+0.74%)
     

  • S&P 500

    5,303.27
    +6.17 (+0.12%)
     

  • DOW

    40,003.59
    +134.21 (+0.34%)
     

  • CAD/USD

    0.7347
    +0.0001 (+0.02%)
     

  • CRUDE OIL

    79.95
    +0.72 (+0.91%)
     

  • Bitcoin CAD

    91,032.52
    +2,385.58 (+2.69%)
     

  • CMC Crypto 200

    1,366.03
    -7.81 (-0.57%)
     

  • GOLD FUTURES

    2,420.20
    +34.70 (+1.45%)
     

  • RUSSELL 2000

    2,095.72
    -0.53 (-0.03%)
     

  • 10-Yr Bond

    4.4200
    +0.0430 (+0.98%)
     

  • NASDAQ

    16,685.97
    -12.35 (-0.07%)
     

  • VOLATILITY

    11.99
    -0.43 (-3.46%)
     

  • FTSE

    8,420.26
    -18.39 (-0.22%)
     

  • NIKKEI 225

    38,787.38
    -132.88 (-0.34%)
     

  • CAD/EUR

    0.6756
    0.0000 (0.00%)
     
MARKETS LIVE BLOG:

DOW CROSSES 40,000 MARK FOR THE FIRST TIME

All three major indices post weekly wins as meme rally fizzles out

Jack Dorsey's Block Adding More Bitcoin to Balance Sheet, Presents Road Map for Others

Stephen Alpher
·1 min read

Payments firm Block (SQ) has begun a dollar cost averaging (DCA) program to add to its already sizable bitcoin {{BTC}} stack.

Led by CEO Jack Dorsey, the company in April began using 10% of its monthly bitcoin-related gross profit to buy additional bitcoin, with plans to do this each month for the remainder of 2024.

For perspective, Block had $80 million in bitcoin gross profit in the first quarter, according to its earnings results. Were that level of profit to continue through the rest of the year, the company under this program would add another $24 million worth of bitcoin to its balance sheet.

Block already has substantial bitcoin holdings, having purchased 4,709 bitcoins in October 2020 and another 3,318 tokens in early 2021. At today's price of about $59,000, that bitcoin is now worth roughly $4.7 billion.

ADVERTISEMENT

Alongside that news, the company also released its Bitcoin Blueprint For Corporate Balance Sheets, in which it describes the process through which it is able to acquire large amounts of the crypto without unduly moving the market, and how it custodies, insures and accounts for the holdings.