Technology

Jack Dorsey’s Block to join S&P 500, stock surges 9% after-hours

Posted on by Minakshi

Jack Dorsey’s Block Joins S&P 500, Stock Rockets Nearly 9%!

In a significant milestone, Jack Dorsey’s financial services giant, Block, Inc., is set to join the prestigious S&P 500 index. This news sent Block’s stock soaring by almost 9% in after-hours trading on Friday, marking a resounding endorsement from the financial community.

What Does This Mean for Block?

The inclusion in the S&P 500, a benchmark index representing the 500 largest US companies by market capitalization, signals a new era for Block. It reflects the company’s robust growth and its increasing influence in the fintech landscape.

Block will officially replace US energy company Hess Corp on the S&P 500 before trading commences on Wednesday. This transition highlights the dynamic nature of the market and the shifting priorities of investors.

Bitcoin Community Reacts Positively

The announcement has been met with considerable enthusiasm from the Bitcoin community, given Block’s vocal advocacy for Bitcoin and its strategic holding of Bitcoin as part of its treasury reserves. According to the most recent data, Block currently holds 8,584 Bitcoin.

Analyst Perspective

The inclusion of Block in the S&P 500 is viewed by many as a significant step towards mainstream acceptance of cryptocurrency-related businesses. One crypto commentary account noted, “This is not just a headline. It is trillions in passive flows inching closer to Bitcoin.” Another crypto trader remarked, “Crypto roots + Fintech firepower = Wall Street’s new blueprint.”

Summary:

  • Block, Inc., founded by Jack Dorsey, will be added to the S&P 500.
  • The company’s stock price jumped almost 9% after the announcement.
  • The move signifies growing acceptance of crypto-related firms in mainstream finance.
Key Takeaways:

  • Block’s S&P 500 inclusion demonstrates its significant growth and market influence.
  • The company’s advocacy for Bitcoin is contributing to the cryptocurrency’s wider adoption.
  • This move is expected to bring trillions in passive flows closer to Bitcoin, potentially boosting its value.
  • Fintech companies with a strong foothold in the cryptocurrency space are seen as the future of Wall Street.