Block to Flip 10% of Bitcoin Profit Into Bitcoin Investments

Block Inc. lifted its full-year profit guidance and revealed plans to invest a portion of its profits from Bitcoin back into the assets, as Jack Dorsey’s company bets big on the currency’s future.

Block will invest 10% of gross profit from Bitcoin products each month into buying Bitcoin for investment, Dorsey said in a letter to shareholders on Thursday. Currently, less than 3% of the company’s resources are focused on Bitcoin projects, he said.