Led by CEO Jack Dorsey, the company began using 10% of its monthly bitcoin-related gross profit to buy additional bitcoin, with plans to continue this monthly investment until the end of 2024.
Block's substantial bitcoin holdings include 4,709 bitcoins purchased in October 2020 and another 3,318 tokens in early 2021, now valued at approximately $4.7 billion.
Block's DCA program could potentially add $24 million worth of bitcoin to its balance sheet if its current level of bitcoin gross profit were to continue through 2021.
The company released its Bitcoin Blueprint For Corporate Balance Sheets, explaining its acquisition process of large amounts of crypto without negatively impacting the market, alongside custody, insurance, and accounting procedures.
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