Jack Dorsey's Block to be Included in 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 the news was confirmed later on Friday, the stock rose 10% in after-hours trading. Block (stock symbol: XYZ) was originally founded in 2009 as Square, initially focusing on providing financial services and mobile payment solutions. In December 2021, the company rebranded as Block Inc., reflecting its growing interest and involvement in blockchain technology and digital assets.

Block's Bitkey division has launched a user-friendly self-custody wallet designed for Bitcoin, and Proto is a suite of Bitcoin mining products and services. This inclusion in the S&P 500 Index comes about two months after Coinbase became the first pure-play crypto company to join the benchmark index. Block will replace Hess Corporation, which is about to be acquired by Chevron and exiting the index. Last summer, Block began allocating 10% of its Bitcoin profits monthly to invest in BTC.