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Payments firm Block has initiated a dollar-cost averaging program to increase its significant Bitcoin stack, valued at approximately $4.7 billion. They plan to allocate 10% of their monthly bitcoin-related gross profit to buy more bitcoin until the end of 2024.
The company also disclosed a document outlining its process for acquiring, storing, and managing its Bitcoin holdings.
This announcement coincided with their first-quarter earnings report, where Block exceeded analysts' expectations, with adjusted earnings of 85 cents per share and revenue of $5.97 billion. As a result, Block shares rose in after-hours trading.