NewsletterBreaking: Jack Dorsey’s Bitcoin Company Block To Join S&P 500
Highlights
- Block In will begin trading on the S&P 500 from July 23 next week.
- Jack Dorsey's company will replace Hess Corp.
- The fintech company provides Bitcoin payment services and also has a mining operation.
- The company holds 8,584 BTC on its balance sheet.
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 XYZ stock jumped as fund managers typically have to rebalance their portfolios whenever a new stock is added to the index. The stock is up just over 15% in the last month. However, it is down 15.47% year-to-date (YTD).
Michael Saylor’s Strategy is another crypto company that market participants could see join the S&P 500 at some point. The company already qualifies to enter the stock market index based on its performance over the last four quarters.
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