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Jack Dorsey’s Bitcoin Company Block Inc Set To Join S&P 500

1 day ago
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Jack Dorsey’s Block Inc. is set to become the second crypto company to join the S&P 500 following Coinbase, which joined earlier this year. Dorsey’s fintech company provides Bitcoin payment services and also mines BTC as part of its operations.

Block Inc. To Join the S&P 500 On July 23

In a press release, the S&P Dow Jones Indices announced that Jack Dorsey’s company will replace Hess Corp. in the S&P 500 effective prior to the opening of trading on Wednesday, July 23. This follows Chevron Corp’s acquisition of Hess Corp. in a deal that closed today.

With this development, Block Inc. becomes the second crypto company to join the stock market index after Coinbase, which joined on May 19 earlier this year. The fintech company offers BTC payment solutions and also mines the flagship crypto. It also released open-source tools for Bitcoin treasury in April.

Jack Dorsey’s company is a Bitcoin treasury company itself. BitcoinTreasuries’ data shows that it holds 8,584 BTC, ranking as the 11th largest public Bitcoin treasury company, just behind the top crypto exchange, Coinbase.

The Block Inc. stock surged as much as 10% in post-market trading on the back of this announcement. TradingView data shows that it is currently trading at around $79.45, up from its today’s closing price of $72.82. The stock is up just over 15% in the last month. However, it is down 15.47% year-to-date (YTD).

XYZ Daily ChartXYZ Daily Chart
Source: TradingView

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Boluwatife Adeyemi

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Source: https://coingape.com/jack-dorseys-bitcoin-company-block-inc-to-join-sp-500/