According to BlockBeats, shares of Block (stock code: XYZ) rose over 11% in after-hours trading, increasing its market capitalization to $43.5 billion. This surge follows the announcement that Jack Dorsey's payment company, Block, will be included in the S&P 500 index.
Previously, on May 3, 2024, Block revealed its Dollar-Cost Averaging (DCA) plan for Bitcoin investments. Under this plan, Block allocates 10% of the monthly gross profit from its Bitcoin Conversions Product to purchase Bitcoin. In the first quarter, Block's Bitcoin Conversions Product generated a gross profit of $80 million. If this profit level continues throughout the year, the company will add $24 million worth of Bitcoin to its balance sheet.
As of March 31, 2024, Block held 8,038 Bitcoins, which accounted for approximately 9% of its total cash, cash equivalents, and marketable securities.
