Jack Dorsey’s Block Rockets 10%—Here’s Why the S&P 500 Addition Could Be Your Next Big Play
When a company like Block, co-founded by the visionary Jack Dorsey, bags a spot on the prestigious S&P 500, you know something big is brewing. But what does leaping into this elite index really signify for a fintech firm originally known for payment solutions like Cash App and Square point-of-sale systems? Is it simply a feather in the cap, or a harbinger of future dominance in the financial and crypto arenas? Block’s shares didn’t just inch up—they surged over 10% in after-hours trading, reflecting investors’ roaring confidence in the company’s multifaceted growth story. From holding Bitcoin on its balance sheet to forging ahead with blockchain infrastructure via its innovative initiatives, Block’s evolution from a payments startup to a heavyweight in the S&P 500 isn’t just momentum—it’s a bold new chapter in fintech. Ready to dive deeper? LEARN MORE.
Fintech firm Block will be added to the S&P 500 on July 23, marking a milestone in its evolution from payments startup to index heavyweight.
Key Takeaways
- S&P Dow Jones Indices announced Block will join the S&P 500, replacing Hess Corp on July 23.
- Block shares jumped over 10% in extended trading following the news, reflecting investor confidence in its long-term fundamentals.
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Block Inc. is set to join the S&P 500, replacing Hess Corp, according to an announcement from S&P Dow Jones Indices. The change will take effect before markets open on Wednesday, July 23.
Block shares rose more than 10% in extended trading Friday after the index addition was made public.
Formerly known as Square, Block was co-founded by Jack Dorsey and is best known for its suite of payment products including Cash App, Square point-of-sale systems, and its Bitcoin-related business segments. The company has positioned itself as a multi-faceted financial platform, catering to both retail users and merchants.
Block generated $22.3 billion in revenue in 2024 and remains one of the most crypto-integrated fintech companies. The firm holds Bitcoin on its balance sheet and has invested heavily in blockchain infrastructure via its TBD and Spiral initiatives.
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