Following Coinbase’s recent addition to the S&P 500, Jack Dorsey’s Block Inc. will soon follow suit. In addition to accepting Bitcoin payments, Dorsey’s fintech startup mines the cryptocurrency.
Block Takes Hess Corp.’s Spot Amid Bitcoin-Driven Growth
According to a news release from the S&P Dow Jones Indices, Jack Dorsey’s business will take Hess Corp.’s spot in the S&P 500 starting before Wednesday’s trade on July 23. This is subsequent to today’s closing of the Chevron Corp. purchase of Hess Corp.
This news follows Coinbase’s May 19th addition to the stock market index; Block Inc. follows in its footsteps. In addition to providing Bitcoin payment options, the fintech business also engages in Bitcoin mining. Additionally, in April, it made available open-source tools for Bitcoin treasury.
The firm that Jack Dorsey runs is really a Bitcoin treasury. According to BitcoinTreasuries.net‘s statistics, it is the eleventh biggest public Bitcoin treasury corporation, with 8,584 BTC in its possession. This places it second only to Coinbase, the leading cryptocurrency exchange.
As a result of this news, Block Inc. stock price increased by 10% in trading after the market closed. According to TradingView, its current price is around $79.45, which is higher than its closing price of $72.82 today.
When XYZ was added to the index, the stock price spiked because fund managers usually had to adjust their holdings. A little over 15% increase has occurred in the stock price during the last 30 days. Nevertheless, it has decreased by 15.47% so far this year.
Investors may also see Michael Saylor’s Strategy, another BTC favoring firm, becoming a component of the S&P 500 in the future. The company’s performance over the last four quarters is sufficient to qualify it for inclusion in the stock market index.
Highlighted Crypto News Today:
Crypto Market Cap Nears $4 Trillion Amid U.S. Regulatory Momentum
Source: https://thenewscrypto.com/jack-dorseys-block-to-join-sp-500-after-coinbases-inclusion/