Jack Dorsey's Block will use 10% of its monthly Bitcoin-related gross profits to purchase more Bitcoin

ChainCatcher news, according to CoinDesk, Jack Dorsey's payment company Block (SQ) has begun a regular investment plan to increase its existing Bitcoin (BTC) holdings.

It is reported that the company has decided to use 10% of its monthly gross profit related to Bitcoin to purchase additional Bitcoin, with plans to execute this every month for the remainder of 2024.

According to its first-quarter financial report, Block achieved a gross profit of $80 million from Bitcoin in that quarter. If this profit level continues, the company will add $24 million worth of Bitcoin to its balance sheet under this plan.