Fintech firm Block, Inc. (NYSE:XYZ) launched a new dashboard Wednesday to help companies effectively manage their Bitcoin (CRYPTO: BTC) 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.
Photo by Frederic Legrand – COMEO on Shutterstock
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