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US Stock Block Soars Over 11% in After-Hours Trading, Market Cap Reaches $43.5 Billion
BlockBeats News, July 19, after-hours trading, Stock of Block (Ticker: XYZ) surged over 11%, pushing its market value to $43.5 billion.
In earlier news, Jack Dorsey's payment company Block is set to join the S&P 500 index.
Previously reported, on May 3, 2024, Jack Dorsey's payment company Block announced its Bitcoin Dollar-Cost Averaging (DCA) plan. According to the plan, Block will allocate 10% of the monthly gross profit from its Bitcoin Conversions Product to purchase Bitcoin for investment. Data from earlier showed that Block's Bitcoin Conversions Product gross profit in the first quarter was $80 million. If this profit level can be sustained for the remainder of the year, the company under this plan would add another $24 million worth of Bitcoin to its balance sheet.
As of March 31, 2024, Block held 8,038 bitcoins on its balance sheet, representing approximately 9% of Block's total cash, cash equivalents, and marketable securities.
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