Block CFO Ahuja Says Bitcoin Investment Is a Long-Term Play

(Bloomberg) -- Block Inc.’s investment in Bitcoin allows the firm to learn more about what could be a “potentially transformative” technology, according to one of its top executives.

Block Inc.'s (NYSE:SQ) investment in Bitcoin is a long-term bet on a technology that could "level the playing field" for companies like Block and consumers around the world, according to one of its top executives.

The Block CFO and COO Amrita Ahuja said in an interview on Bloomberg Television that the company's strategy is to learn more about what could be a “potentially transformative” technology.

Block said earlier this year that it will invest 10% of gross profit from Bitcoin products each month into buying the cryptocurrency.

Ahuja said the company believes that Bitcoin is the "likeliest contender" to enable a future where money can move at the speed of the internet.

"We think about the consumers that we serve that are most under-served, they often pay the highest fees to access and move their money," Ahuja said. "We think that Bitcoin can help change that dynamic."

Ahuja's comments come after Block founder Jack Dorsey highlighted in the company's recent letter to shareholders that less than 3% of Block's resources are allocated to Bitcoin-linked projects.

Block, which houses businesses including Square and Cash App, saw its first-quarter Ebitda, or adjusted earnings before interest, taxes, depreciation and amortization, nearly double from a year earlier.

The company's決済事業 brought in $4.4 billion in revenue during the quarter, up 24% year-over-year. Block's Cash App also saw record gross profits of $735 million during the quarter.

Block also took the somewhat unusual approach of holding Bitcoin on its own balance sheet, a move that Ahuja said helps Block learn about the technology.

"It helps us understand what it means to custody Bitcoin, what it means for our treasury teams out in the market buying Bitcoin," she said.

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By Niket Nishant and Hannah Miller

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