Jack Dorsey's Block will wind down its funding in TIDAL, the music streaming platform previously owned by Jay-Z, in accordance with a shareholder letter Thursday. Block may even shut down TBD, a Bitcoin-focused enterprise unit that beforehand sought to construct a decentralized web known as Web5. These reductions will free the corporate to put money into Bitcoin mining and cryptocurrency wallets.

“We plan to cut back our funding in TIDAL and cut back TBD,” Block mentioned within the letter. “This offers us the scope to put money into Bitcoin mining initiatives with robust product market match and a wholesome demand pipeline, in addition to Bitkey, our Bitcoin self-custody pockets.”

These are the newest cost-cutting efforts on the firm behind Sq. and Money App. In current weeks, Bullock has fired workers and seems to have instructed them to not talk about government director Jay-Z in emails or Slack messages, in accordance with Fortune.