Jack Dorsey has big dreams for Block. He’s not just thinking about payments anymore – he’s thinking about Bitcoin and maybe even building the bank of the future. 

Block, the company Dorsey started as Square in 2009, just took a big leap into the crypto world. They signed their first major deal in crypto mining, supplying hardware to Core Scientific, a significant player in Bitcoin mining. However, the financial details of the deal haven’t been disclosed yet, and Wall Street? Well, they like numbers.

Don’t Miss:

• A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
• If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
• Don’t miss out on the next Nvidia – you can invest in the future of AI for only $10.

J.P. Morgan estimates that this deal could bring in between $225 million and $300 million for Block – not chump change. But analysts aren’t ready to pop the champagne just yet. They want to see the profit margins first and are holding off on getting too excited until they know more about the economics of this new venture.

This move is significant for Block, which started as a simple payments company. Since rebranding in 2021, the focus has been clear: crypto and blockchain. Dorsey’s been bullish on Bitcoin for a long time, and Block has been putting its money where its mouth is. In April, they began reinvesting 10% of their monthly gross profit from Bitcoin products back into Bitcoin. That’s a serious commitment.

Trending: According to Cathie Wood, holding 6 Ethereum (ETH) could make you a millionaire, here’s why it can be true.

In the first quarter, nearly 9% of Block’s cash and equivalents were in Bitcoin. That’s not just dipping a toe in the water- – it’s diving in headfirst. Macquarie analysts Paul Golding and Emma Liang think this latest deal with Core Scientific is further proof that Block is becoming a major player in the crypto hardware space. They believe if Block can land more deals like this, it’ll solidify its reputation in the industry.

However, not everyone is convinced. J.P. Morgan is cautious, pointing out that Block’s stock performance will still heavily depend on its other segments, like Square and Cash App. And those segments? They haven’t been doing so hot. Block’s shares are down nearly 17% this year. 

So, while Dorsey’s vision for Block as a Bitcoin powerhouse is intriguing, it’s still early days. The potential is huge, but Wall Street’s watching closely, waiting to see if the numbers add up. For now, Block is a company with big dreams but much to prove.

Read Next:

• Groundbreaking trading app with a ‘Buy-Now-Pay-Later’ feature for stocks tackles the $644 billion margin lending market – here’s how to get equity in it with just $100
• Here’s the AI-powered startup that turns traders into influencers achieving 12% monthly growth – invest in it at only 10 cents per share.