Follow the latest news on Block Inc. (formerly Square), including product launches, Bitcoin initiatives, Cash App updates, and Jack Dorsey’s vision for decentralized finance and Web3 innovation.
Block Inc. has launched Proto Rig, a groundbreaking modular Bitcoin miner that extends hardware lifespan to over a decade, alongside Proto Fleet open-source management software. The innovation challenges traditional ASIC mining with tool-free upgrades and reduced operational costs.
Jack Dorsey’s Block Inc. seeks to raise $1.5 billion through senior notes for general corporate purposes including debt repayment and acquisitions. The move comes as ARK Invest purchased over 262,000 shares during a recent stock decline.
In its Q3 2024 update, Block announced plans to prioritize Bitcoin-related projects, increasing investment in mining and self-custody.
The trade involved shares from two of ARK’s major funds.
Apart from failing to report transactions to the appropriate authorities, revelations from the whistleblowers pointed towards deliberate concealment of transactional data within Cash App.
Northern Data’s navigation into cloud solutions and data center infrastructure makes it an attractive bet with a potential 53.2% upside possibility.
Block Inc stated that their mining chips will use the most advanced semiconductor process currently available and will deliver the performance required for mining operators of all types to survive.
ARK’s recent offloading of Coinbase shares stands out as one of its significant divestments in 2024. Prior to Thursday’s sale, ARK sold off 270,365 shares of Coinbase on March 11.
Block announced that it will continue to focus on gaining more customers with the current employee base after registering double-digit percentage gains in gross profits.
Amidst the sell-off, Ark Invest has strategically acquired 158,334 shares ($12.1 million) in Jack Dorsey’s Block Inc for its Next Generation Internet ETF.
The wallet was developed by Block’s Proto Team and is in line with the fintech’s vision of increased access and global financial independence.
While Wallet of Satoshi has exited the US market for now, the company expressed hope for a potential return.
This lawsuit adds to Apple’s recent antitrust challenges. In September, a US judge ruled that payment card issuers could sue Apple over alleged anti-competitive practices related to its Apple Pay mobile wallet.
Block provided strong guidance for the full year of 2023 while anticipating the gross profit in the range of $7.44 billion to $7.46 billion.
As Bitcoin extends its rally to $35,000 clocking over 100% gains for 2023, let’s take a look at some crypto firms that have outperformed Bitcoin.