Wu said that payment service provider Block announced plans to privately issue a total of $1.5 billion in senior bonds for qualified institutional buyers, subject to market conditions. The net proceeds from this fundraising will be used for general corporate purposes, including repaying or buying back existing debt, potential mergers and acquisitions and strategic transactions, capital expenditures, investments, and working capital. Earlier reports indicated that Block is promoting the application of Bitcoin in payments, self-custody, and corporate finance through its subsidiaries Cash App, Square, and Bitkey.