Block Plans to Invest 10% of its Bitcoin Profits into BTC

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Block shares rose 3.16% to $242.90 in after-hours trading, following better-than-expected first-quarter earnings.

The company reported a profit of 85 cents per share, surpassing the consensus estimate by 13 cents. Additionally, revenue of $5.97 billion outperformed Wall Street’s projection of $5.82 billion, with a 22% increase in gross profit from the first quarter of last year, reaching $2.09 billion.

Notably, the company, led by Jack Dorsey, also announced plans to add more bitcoin to its balance sheet and open-source its treasury blueprint for others to follow.

Under the new plan, Block will invest 10% of its gross profit from bitcoin products into bitcoin purchases every month. The company also shared that its initial investment of $220 million in bitcoin has grown by approximately 160% to $573 million.