Block earnings report.
This now from Dorsey's "Bitcoin Blueprint For Corporate Balance Sheets"
- With the launch of Square’s Bitcoin Conversions product, which allows sellers to automatically convert a portion of their sales into bitcoin holdings, we are announcing our new corporate balance sheet dollar cost average (“DCA”) program, under which each month we will be investing 10% of Block’s monthly gross profit from bitcoin 1 products into purchases of bitcoin for investment. As an evolution from our previous strategy of purchasing bitcoin in lump sums, the program brings a principled investment approach to Block’s commitment to the asset class
- Under the DCA program, we plan to purchase bitcoin on a monthly cadence utilizing TWAP orders, starting April 2024. We will execute these over a shorter time window due to lower notional trade values and improved bitcoin liquidity compared to 2020 and 2021. To reduce slippage, we have chosen to purchase bitcoin over a two-hour window that has historically had the greatest amount of liquidity.
Another bid added to the list of those already underpinning the crypto.
