Block to Flip 10% of Bitcoin Profit Into Bitcoin Investments.

Block Inc., led by Jack Dorsey, has announced plans to invest 10% of its gross profit from Bitcoin products into buying Bitcoin for investment. Currently, less than 3% of the company's resources are focused on Bitcoin projects. Dorsey believes that Bitcoin is the best candidate to become the native currency of the internet. Block's $220 million investment in Bitcoin has grown by about 160% to $573 million as of the end of the first quarter. The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the first quarter were $705 million, nearly doubling from the previous year. Block has increased its outlook for full-year adjusted EBITDA to $2.76 billion and adjusted operating income to $1.30 billion. However, the company's shares have dropped following reports of Federal prosecutors investigating its internal compliance structures and transactions involving sanctioned countries. [Extracted from the article]