Block Inc., founded by Jack Dorsey, will replace Hess Corp. in the S&P 500, which may impact the cryptocurrency market.
Inclusion of Block Inc. in S&P 500
Starting July 23, 2023, Block Inc.'s stock will be included in the S&P 500 index. The removal of Hess Corp. follows its acquisition by Chevron Corp.
Impact on Bitcoin and Institutional Investors
Block Inc. is known for its investments in Bitcoin, and its presence in the S&P 500 could facilitate broader BTC adoption. The company holds 8,585 Bitcoins purchased at an average price of about $30,405, achieving a profit of nearly 300 percent.
Market Trends and Outlook
Following the announcement, Block Inc.'s stock gained 10 percent in after-hours trading, reflecting the overall market increase. The company's market valuation is around $43 billion, with shares up more than 35 percent in the past three months.
The replacement of Hess Corp. with Block Inc. in the S&P 500 highlights the importance of cryptocurrencies for institutional investors and may change market dynamics in the future.
