Block’s inclusion in the S&P 500 comes just two months after crypto exchange Coinbase made history as the first cryptocurrency firm to join the index.
Jack Dorsey’s financial services company, Block, Inc., surged almost 9% in after-hours trading on Friday following the news that it will be added to the S&P 500, the benchmark index of the 500 largest US companies by market capitalization.
Block will replace US energy company Hess Corp on the S&P 500 before trading commences on Wednesday, according to a statement on Friday. The announcement triggered a strong reaction from the Bitcoin (BTC) community, given the firm’s advocacy for Bitcoin and its strategy for holding Bitcoin as part of its treasury. The most recent data from Bitbo shows that Block holds 8,584 Bitcoin.
Crypto commentary account WiseSummit said in a post on Friday, “This is not just a headline. It is trillions in passive flows inching closer to Bitcoin.” Meanwhile, crypto trader cryptothedoggy said, “Crypto roots + Fintech firepower = Wall Street’s new blueprint.”
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