Block Inc. (Jack Dorsey’s Company) Joins S&P 500
Jack Dorsey’s Block Inc. is poised to become the second crypto-related company to join the S&P 500, following Coinbase's inclusion earlier this year. The move highlights the increasing integration of Bitcoin-centric businesses into mainstream finance.
Block Inc. Scheduled to Enter S&P 500 on July 23
According to a press release from S&P Dow Jones Indices, Block Inc. will replace Hess Corp. in the S&P 500 before trading begins on Wednesday, July 23. This change is a result of Chevron Corp's acquisition of Hess Corp.
Block Inc.'s inclusion marks it as the second crypto-aligned entity in the index, following Coinbase's entry on May 19. The fintech company provides Bitcoin payment solutions and actively participates in Bitcoin mining.
Notably, Block Inc. also operates as a Bitcoin treasury company. Data from BitcoinTreasuries indicates that Block Inc. holds 8,584 BTC, positioning it as the 11th largest public Bitcoin treasury, closely trailing the crypto exchange, Coinbase.
The announcement spurred a 10% surge in Block Inc.’s stock in post-market trading. TradingView data shows the stock currently trading around $79.45, up from its closing price of $72.82. Over the past month, the stock has risen by over 15%, although it remains down by 15.47% year-to-date (YTD).
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