Key dealers
- The S&P Dow Jones index announced blocks will join the S&P 500 and replace Hess Corp on July 23.
- Block shares jumped over 10% in extended trade after the news and reflected investors’ confidence in their long -term grounds.
Block Inc. will join the S&P 500 and replace Hess Corp, according to one message From the S&P Dow Jones index. The change comes into force before the markets open on Wednesday, July 23.
Block shares rose more than 10% in extended trading Friday after the index supplement was published.
Former known as Square, found blocks by Jack Dorsey and is best known for its suite with payment products including cash app, Square sales system and its bitcoin-related business segment. The company has positioned itself as a multifaceted financial platform that serves both retail users and merchants.
Block generated $ 22.3 billion in revenue in 2024 and is still one of the most crypto-integrated fintech companies. The company has Bitcoin in its balance sheet and has invested heavily in blockchain infrastructure through its TBD and spiral initiatives.
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