Block Adds 85 BTC to Treasury, Now Holds 9,117 BTC Amid S&P 500 Inclusion
Block Inc., led by Jack Dorsey, has continued its long-standing strategy of accumulating Bitcoin on its balance sheet. The company recently added 85 BTC to its treasury, bringing its total holdings to 9,117 BTC and placing it 15th among public companies holding Bitcoin as a treasury asset.
The purchase comes less than three weeks after Block joined the S&P 500 index, becoming the second crypto-focused company to enter the benchmark U.S. stock index after Coinbase. The company's inclusion in the S&P 500 was seen as a vote of confidence from investors, with its shares rising sharply in after-hours trading when the announcement was made.
Block has been open about its strategy of allocating 10% of monthly gross profit generated from Bitcoin-related products toward purchasing more BTC. The company also open-sourced the framework behind this treasury strategy last year as a reference model for other businesses considering similar allocations.