Block (SQ) shares were trading higher in the after-hours session Thursday following first-quarter earnings that beat analysts' expectations.

Adjusted earnings of 85 cents per share bested the consensus estimate by 13 cents, while revenue of $5.97 billion topped Wall Street's $5.82-billion projection. Gross profit grew 22% from last year's first quarter to $2.09 billion.

Notably, the Jack Dorsey-led company also announced it will begin adding more bitcoin to its balance sheet and is open-sourcing its treasury blueprint so others can follow suit.

Block, formerly known as Square, said it will invest 10% of its gross profit from bitcoin products into bitcoin purchases each month. The company also said its original bitcoin investment of $220 million has grown by approximately 160% to $573 …