BlockBeats news, on July 19, shares of Block (stock code: XYZ) rose over 11% in after-hours trading, increasing its market capitalization to $43.5 billion.
According to previous news, Block, the payment company owned by Jack Dorsey, will join the S&P 500 index.
According to previous reports, on May 3, 2024, Jack Dorsey's payment company Block announced its DCA (Dollar Cost Averaging) plan for Bitcoin, under which Block will invest 10% of the monthly gross profit from its Bitcoin Conversions Product to purchase Bitcoin. Previous data indicated that Block's gross profit from its Bitcoin Conversions Product in the first quarter was $80 million. If this profit level can be sustained for the remainder of the year, the company will add $24 million worth of Bitcoin to its balance sheet under this plan. As of March 31, 2024, Block held 8,038 Bitcoins on its balance sheet, accounting for approximately 9% of Block's total cash, cash equivalents, and securities.
