Jack Dorsey’s fintech conglomerate Block is taking a unique approach to investing in Bitcoin, allocating 10% of its gross profit from Bitcoin products directly into BTC itself. This strategic move comes after the company observed positive developments both internally and in the broader market. In April, Block introduced a bitcoin dollar cost average purchase program that will continue until 2024. As part of this program, the company will invest 10% of its gross profit from bitcoin products into Bitcoin purchases.

Block sees Bitcoin as an instrument of economic empowerment that allows individuals to participate in a global monetary system and take control of their financial future. The company’s mission aligns with the values of Bitcoin, leading to this strategic investment. Additionally, Block plans to regularly assess its investment in Bitcoin in comparison to its other investments.

Before implementing the new purchase program, Block held 8,038 BTC on its balance sheet, accounting for approximately 9% of its total cash, cash equivalents, and marketable securities as of the end of March. Currently, BTC is trading at $63,159, experiencing a nearly 6% increase in the last 24 hours.

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