Jack Dorsey’s Block Is Making It Easy For Companies To Manage Their Bitcoin Treasury—Here’s How – PayPal Holdings (NASDAQ:PYPL)
Fintech firm Block, Inc. XYZ launched a new dashboard Wednesday to help companies effectively manage their Bitcoin BTC/USD holdings.
What Happened: The Jack Dorsey-founded company released an open-source toolkit to cater to the rapidly growing Bitcoin treasury management market. The tools, which include a corporate holdings dashboard and a BTC-to-USD real-time price quote API, will enable firms to monitor the dollar value of their stash in real time.
Block added that capabilities like time-stamped historical value lookup for quarter-end reporting are also being explored. The aim was to “lower the operational barriers” for firms looking to add Bitcoin to their books.
See Also: Millionaire Crypto Trader Reacts To Bitcoin Mega-Crash: ‘You Have Only One Job Here: Survive’z
Why It Matters: The offering comes as a response to the growing number of firms diversifying their treasuries with Bitcoin and the subsequent challenges in tracking and reporting the digital assets.
Publicly listed companies held about 22% of the total Bitcoin supply in treasuries, according to BitcoinTreasuries.net. Michael Saylor’s Strategy was the largest corporate holder, with a stash worth over $43 billion as of this writing.
Block held 8,485 BTCs on its balance sheet, worth $696 million. According to the company’s disclosure, the apex cryptocurrency is held for “long-term investment purposes” and to facilitate sales and purchases via its “Cash App” digital wallet service.
Dorsey, the company’s co-founder and CEO, has been a vocal supporter of Bitcoin, making bullish predictions about its price. Last year, he predicted that the leading cryptocurrency would hit at least $1 million by 2030.
Price Action: At the time of writing, Bitcoin was exchanging hands at $81,958.55, up 7.46% in the last 24 hours, according to data from Benzinga Pro.
Shares of Block rose 0.02% in after-hours trading after closing 14.1% higher at $55.99 during Wednesday’s regular session.
The stock exhibited a very high growth score—a measure of the stock’s combined historical expansion in earnings and revenue across multiple periods. Visit Benzinga Edge Stock Rankings to check out how its competitor, PayPal Holdings Inc. PYPL, fares on this metric.
Photo by Frederic Legrand – COMEO on Shutterstock
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