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. Source