BLOCK(SQ) - 2024 Q1 - Quarterly Results

Exhibit 99.1 To Our Shareholders May 2, 2024 “Why the hell are you all spending so much time on bitcoin?” We get this question a lot. We’ll use this quarter’s letter to answer it. First, some facts. Less than 3% of company resources are dedicated to bitcoin-related projects. All of which have been more than fully covered by the profits from our bitcoin exchange, which is Cash App’s fourth largest gross profit stream. But why spend time on bitcoin at all? We believe the world needs an open protocol for money ...