Block Inc. Shares Jump Ahead of S&P 500 Inclusion
Block Inc., the fintech company founded by Jack Dorsey, saw its stock rise sharply in overnight trading on Sunday, just before it joins the S&P 500 index.
What Happened:
Block’s stock was up 8.31% on the Robinhood platform. The company will officially join the S&P 500, a major U.S. stock market index, on July 23, according to a press release on Friday.
Why It Matters:
Block, formerly known as Square, was founded in 2009 and started with payment and point-of-sale systems. Over time, it expanded into the crypto space—especially Bitcoin.
Today, Block offers:
- Cash App, a digital wallet that supports only Bitcoin
- Bitkey, a self-custody Bitcoin wallet
- Proto, a suite of Bitcoin mining products
- Bitchat, a messaging app using Bluetooth
In April 2024, Block launched a new strategy: using 10% of its monthly Bitcoin-related profits to buy more Bitcoin. As of now, it holds 8,584 BTC—worth over $1 billion.
Stock Performance:
Block’s stock closed 2.95% higher at $72.82 on Friday. It has gained 81% in the past month. However, Bitcoin itself is still down more than 14% for the year.
Block also received a high growth score, reflecting strong growth in revenue and earnings over time.
