Block Inc shares, formerly known as Square, have surged 9% ahead of joining the S&P 500 index, attracting investor attention.
Block Inc Replaces Hess Corp in S&P 500
Block Inc, the fintech company founded by Jack Dorsey, will replace the energy company Hess Corp in the S&P 500 index following its acquisition by Chevron. This event makes Block Inc the second cryptocurrency-oriented company to enter the index in recent weeks, following the addition of the cryptocurrency exchange Coinbase.
Block Inc Among the Largest Corporate Bitcoin Holders
The company announced plans to invest 10% of its Bitcoin profits into BTC each month. As a result, it accumulates Bitcoin, making it the 11th largest corporate holder of the cryptocurrency. Currently, Block Inc holds 8,584 BTC, valued at over $1.025 billion.
Cryptocurrency Market in Light of the News
Bitcoin dominance stands at 59.8%, while altcoins gain momentum. Additionally, news highlights Japan's push to cut cryptocurrency tax from 55% to 20%, potentially unlocking $20 trillion in savings.
Block Inc's inclusion in the S&P 500 reflects the growing recognition of cryptocurrency in the financial world and may signal further changes in attitudes towards digital assets.
