Jack Dorsey’s Block says it will buy bitcoin every month with 10% of its gross profit

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.

This article was written by Eamonn Sheridan at www.forexlive.com.