BlockBeats News, on July 21, according to The Block, Twitter co-founder Jack Dorsey's payment platform Block Inc will be included in the S&P 500 index on July 23. After the news was confirmed later on Friday, the stock rose by 10% in after-hours trading. Block (stock code: XYZ) was originally established in 2009 as Square, initially focusing on providing financial services and mobile payment solutions. In December 2021, the company rebranded to Block Inc., reflecting its growing interest and involvement in blockchain technology and digital assets.
Block's Bitkey division launched a user-friendly self-custody wallet specifically designed for Bitcoin, while Proto is a suite of Bitcoin mining products and services. Being included in the S&P 500 index comes about two months after Coinbase became the first pure crypto company to join this benchmark index. Block will replace Hess Corporation, which is set to be acquired by Chevron and will exit the index. Last summer, Block began investing 10% of its Bitcoin profits into BTC every month.
