Block Inc. (NYSE: XYZ), an American technology company founded by Jack Dorsey and better known for the creation of Cash App, will replace Hess Corp. (NYSE: HSE) In the S&P 500 index. The abolition of the energy company was instituted after its acquisition by Chevron Corp. (NYSE: CVX).
From Wednesday, July 23, the XYZ action will be included in the S&P 500 index. Consequently, Block Inc. will join Coinbase Global Inc. (Nasdaq: Coin), which joined the index in mid-May 2025.
The Jack Dorsey block presents Bitcoin to traditional institutional investors
According to aggregated data from the BitcoinTheries market, Block Inc., has held 8,585 bitcoins, worth around 1.01 billion dollars, since October 7, 2020. The company bought its Bitcoin Trove at an average price of around $ 30,405, thus reaching a profit of almost 300%.
The inclusion of Block Inc. in the S&P 500 index will therefore play a crucial role in the traditional adoption of the BTC by institutional investors. In addition, the cryptocurrency market has received an essential legal clarity, especially after President Donald Trump signed the Act on Engineering.
After the announcement, the XYZ stock market won 10% in the hours after hours Friday to exchange around $ 79.49. The large capitalization company, with an assessment of the market of approximately $ 43 billion, has experienced its shares more than 35% in the last three months.
XYZ’s bullish feeling is partially influenced by the current rally in Bitcoin fueled by traditional adoption.
