Block, formerly Square, announced in a recent shareholder letter that it's reducing its investment in music streaming service TIDAL to focus more heavily on Bitcoin mining operations. The company is also shutting down TBD, its Bitcoin-focused division that was working on developing a decentralized internet.

The strategic shift aims to allocate more resources to Block's Bitcoin mining initiative, which the company claims has "strong product market fit and a healthy pipeline of demand," along with Bitkey, their self-custody Bitcoin wallet.

This announcement follows recent layoffs at TIDAL and the complete closure of TBD. Block acquired TIDAL in 2021, with Jay-Z joining as a board member. Notably, Block executives have instructed employees to avoid mentioning Jay-Z in internal communications, coinciding with employee questions about his board role.

During a subsequent virtual all-hands meeting, CEO Jack Dorsey disabled anonymous questions - a departure from the company's usual open communication policy - and addressed what he perceived as staff negativity.

These changes signal a significant pivot in Block's business strategy, moving away from music streaming to focus more intensively on cryptocurrency operations.

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