Block (SQ), a payment company led by Jack Dorsey, co-founder of X Platform, announced that it will refocus on the development of Bitcoin mining equipment and self-hosted crypto wallets, funded in part by abandoning its "Web5" decentralized Internet project and reducing investment in Tidal music streaming.
This decision was released in the same week as the news that Trump won the US presidential election. Trump promised to create a more favorable environment for the cryptocurrency industry, including supporting Bitcoin mining. Block's third-quarter financial report showed that the company's revenue was $5.98 billion, which fell short of Wall Street's expectations of $6.24 billion, causing its stock price to fall 10%.