"Wow, it seems even Jack Dorsey has seen the potential of BTC for the future?"
After being silent for a long time, Jack Dorsey who founded Block Inc which is a listed firm in the United States (US) revealed that he will buy Bitcoin (BTC) every month through 10% of his gross profit in the latest cryptocurrency product.
Through observation, Block shared his corporate balance sheet dollar cost average (DCA) program in a recent memo.
Dorsey also shared a link to the "Bitcoin Blueprint for Corporate Balance Sheets", so here it can be seen that Block plans to buy BTC on a monthly basis using TWAP orders that have already started in April 2024.
Looking at his memo or blueprint, Block allocates a portion of his monthly BTC gross profit to those digital asset investments that have been set aside and sidesteps market marketing challenges.
It is well known that the price of BTC can be very volatile and difficult to predict following its price action which does not always correlate with the existing asset class.
But it should be known that Dorsey made his first BTC purchase in October 2020 amounting to 4,709 BTC and four months after his purchase he bought more than 3,000 digital assets.
As of today, Block manages to hold 8,038 BTC which represents approximately 9% of Block's total cash, cash equivalents and marketable securities and the firm's total BTC holdings at today's prices are worth $489 million.