Jack Dorsey's company Block is set to be included in the S&P 500 Index starting next week.
Block Inc. Joins S&P 500, Fueling Bitcoin's Mainstream Adoption
Block Inc., the American tech company known for creating Cash App, has made a significant stride in the financial world. The company, founded by Jack Dorsey, will now be included in the S&P 500 Index, effective from July 23.
The S&P 500 Index is a renowned stock market index that measures the stock performance of 500 large companies listed on stock exchanges in the United States. With a market valuation of about $43 billion, Block Inc. joins the ranks of some of the most prominent companies in the nation.
The inclusion of Block Inc. in the S&P 500 Index is a testament to the company's success and growth. Since October 7, 2020, Block Inc. has achieved a profit of nearly 300% on its Bitcoin holdings. The company holds approximately 8,584 Bitcoins on its balance sheet, worth over $1 billion. This significant investment in Bitcoin has been a contributing factor to the ongoing mainstream adoption of the cryptocurrency.
The cryptocurrency market has received legal clarity following the signing of the GENIUS Act by President Donald Trump. This legislation has provided much-needed legal clarity to the cryptocurrency market, which has likely contributed to the bullish sentiment surrounding Block Inc. and Bitcoin.
The bullish sentiment of Block Inc. is not limited to the past three months. The company's stock has rallied over 35 percent in this period, but the growth has been ongoing. Following the announcement of its inclusion in the S&P 500 Index, the XYZ stock market gained 10 percent in the after hours on Friday to trade about $79.49.
Block Inc. will join Coinbase Global Inc. (NASDAQ: COIN) in the S&P 500 index, marking a significant milestone for the cryptocurrency industry. The mainstream adoption of Bitcoin by institutional investors, as represented by the inclusion of these two prominent companies in the S&P 500 Index, is a positive sign for the future of cryptocurrency.
BitcoinTreasuries, a market aggregate that provides data on Block Inc.'s Bitcoin holdings, will continue to monitor the company's performance in the S&P 500 Index. As Block Inc. navigates this new chapter, investors will keep a close eye on the company's Bitcoin holdings and overall market performance.
In conclusion, the inclusion of Block Inc. in the S&P 500 Index is a significant step forward for the mainstream adoption of Bitcoin by institutional investors. The ongoing rally in Bitcoin and the bullish sentiment surrounding Block Inc. are likely to continue, making this an exciting time for both companies and the cryptocurrency industry as a whole.
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