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  • Blockchain Timeline

Block will be investing 10% of its gross profit into Bitcoin monthly purchases

Jack Dorsey's Block reported Q1 earnings beat on Thursday with revenue of $5.97 billion and gross profits at $2.09 billion up 22% YoY. The owner of Square and Cash App, also announced a Bitcoin purchase program. 10% of the company's gross profit from Bitcoin related products will be invested into Bitcoin monthly purchases. The firm also disclosed that its original Bitcoin investment of $220 million has grown by approximately 160% to $573 million.


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