Block, Inc., founded by Jack Dorsey, has recently been announced as a new member of the S&P 500 index, leading to a significant rise in the company's stock and active discussions in the crypto community.
Announcement of Block's Inclusion in S&P 500
Last week it was announced that Block will replace Hess Corp in the S&P 500 index, expected to take place on Wednesday, resulting in an almost 9% rise in Block's stock.
Crypto Community Reaction
The news was met with enthusiasm from the crypto community. One crypto commentator stated that this means 'trillions in passive flows inching closer to Bitcoin.' Other insights suggest that 'Crypto roots + Fintech firepower = Wall Street's new blueprint.'
Future of Crypto Companies in S&P 500
Block’s entry into the S&P 500 came just two months after Coinbase became the first crypto firm in the index. The market had anticipated Block’s addition as the first company with an explicit Bitcoin strategy. More crypto companies are predicted to be added in the future.
Block's inclusion in the S&P 500 is a significant move for the crypto industry, highlighting the growing interest in Bitcoin and cryptocurrencies as a whole.
