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Jack Dorsey's Block Adding More Bitcoin to Balance Sheet, Presents Road Map for Others
The company announced the news alongside its first quarter earnings report on Thursday afternoon.
Updated May 3, 2024, 6:15 p.m. Published May 2, 2024, 8:46 p.m.
Payments firm Block (SQ) has begun a dollar cost averaging (DCA) program to add to its already sizable bitcoin stack.
Led by CEO Jack Dorsey, the company in April began using 10% of its monthly bitcoin-related gross profit to buy additional bitcoin, with plans to do this each month for the remainder of 2024.
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For perspective, Block had $80 million in bitcoin gross profit in the first quarter, according to its earnings results. Were that level of profit to continue through the rest of the year, the company under this program would add another $24 million worth of bitcoin to its balance sheet.
Block already has substantial bitcoin holdings, having purchased 4,709 bitcoins in October 2020 and another 3,318 tokens in early 2021. At today's price of about $59,000, that bitcoin is now worth roughly $4.7 billion.
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Alongside that news, the company also released its Bitcoin Blueprint For Corporate Balance Sheets, in which it describes the process through which it is able to acquire large amounts of the crypto without unduly moving the market, and how it custodies, insures and accounts for the holdings.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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