Jack Dorsey’s payments company Block Inc. is notifying hundreds of employees during annual performance reviews that their roles may be eliminated. According to a Bloomberg report citing sources close to the matter, up to 10% of the company’s approximately 11,000-strong workforce could be affected. These cuts are part of efforts under the restructuring initiated in 2024 to more closely integrate the Cash App payment platform with Square’s merchant services, and to expand the Bitcoin mining unit Proto and the AI project Goose.
Block shares ended Friday up nearly 5%. Source: Google FinanceBlock’s BTC Holdings and Recent Price Surge
Block will announce its fourth quarter earnings on February 26; analysts forecast $403 million adjusted profit and $6.25 billion revenue. The company, which posted $461.5 million net profit in the third quarter, saw Bitcoin revenue drop to $1.97 billion while holding 8,780 BTC (currently worth ~$620 million). In November, Square offered merchants a BTC-fiat conversion payment option for Bitcoin acceptance; more than four million sellers are using it in eight countries. In the last 15 hours, BTC rose 15% surpassing $68,000, supporting Block shares.
BTC Technical Outlook and Block Strategy
BTC price $70,794, 24h +2.36%. RSI 34.53 (oversold), downtrend but strong supports: S1 $62,909 (72/100), S2 $70,580 (69/100). Resistances R1 $72,115 (80/100). This rise aligns with Garrett Jin’s deposit of 5,000 BTC to Binance and Block’s Proto mining expansion; overshadowing the worst-case $8,000 warning.
- Supports: $70,580 (near), $62,909 (strong)
- Resistances: $72,115 (primary), $75,469
Source: https://en.coinotag.com/block-inc-laying-off-employees-for-btc-integration
