Block Inc., co-founded by Jack Dorsey, marks a significant milestone by announcing its entry into the S&P 500 index. This is an important step for crypto companies in the public markets.
Block Inc. Added to S&P 500
On Friday, fintech firm Block Inc. confirmed it will be added to the S&P 500 index on July 23, replacing Hess Corp., which is exiting the index following acquisition by Chevron.
Market Reaction
Following the announcement, Block shares rose 10% in after-hours trading. The company views the move as a significant achievement.
Company's Strategic Changes
Earlier this year, Block disclosed it laid off about 8% of its workforce after reporting weaker-than-expected revenue for Q4 2024. Jack Dorsey stated that the restructuring is aimed at improving strategic alignment and operational efficiency.
Block Inc.'s addition to the S&P 500 signifies the company's growth and readiness for market activities in digital assets. This event underscores the increasing investor interest in the crypto industry.
