Jack Dorsey's Block to Be Added to the S&P 500 on July 23

BlockBeats News, July 21st, according to The Block, Twitter co-founder Jack Dorsey's payment platform Block Inc will be added to the S&P 500 Index on July 23rd. After this news was confirmed later on Friday, the stock rose 10% in after-hours trading. Block (stock ticker: XYZ) was originally founded in 2009 as Square, initially focusing on providing financial services and mobile payment solutions. In December 2021, the company was renamed Block Inc., reflecting its growing interest and involvement in blockchain technology and digital assets.

Block's Bitkey division has launched an easy-to-use self-custody wallet designed for Bitcoin, while Proto is a suite of Bitcoin mining products and services. With this inclusion in the S&P 500 Index, it has been about two months since Coinbase became the first pure-play crypto company to join this benchmark index. Block will replace Hess Corporation, which is being acquired by Chevron and exiting the index. Last summer, Block began investing 10% of its Bitcoin profits monthly into BTC.