Jack Dorsey’s financial services company, Block, Inc., increased almost 9% in exchanges after working hours on Friday after the news that it will be added to the S&P 500, the reference index of the 500 largest American companies per market capitalization.
Block will replace the American energy company Hess Corp on the S&P 500 before negotiations on Wednesday, according to a press release. The announcement sparked a strong reaction from the Bitcoin community (BTC), given the company’s advocacy for Bitcoin and its strategy to hold Bitcoin within the framework of its treasure. Bitbo’s most recent data show that Block contains 8,584 Bitcoin.
The cryptography industry says it is a massive decision for bitcoin
Crypto Wisesummit’s commentary account said in an article on Friday: “It’s not just a title. It is passive flow billions approaching Bitcoin.” Meanwhile, Crypto Trader Cryptothedoggy said: “Crypto Roots + Fintech Firepower = New BluePrint of Wall Street.”
The Block (XYZ) action course jumped 8.49% in exchanges after working hours on Friday, reaching $ 79 according to Google Finance data.
To be listed on the S&P 500, the company must have a market capitalization of more than $ 18 billion, a public float above 10% and the revenues of the last quarter should be positive. The sum of the GAAP gains in the previous four quarters (generally accepted accounting principles) should also be positive.
The entry of Block into the S&P 500 only two months after Crypto Exchange Global Coinbase (Coin) has become the first Crypto company to be part of the S&P 500 index.
Speculation more companies related to crypto to add in the future
However, there are speculation that more companies related to crypto could be added to the future.
On Wednesday, after Michael Saylor’s strategy broke up its market capitalization of all time, the vice-president of the Bitcoin strategy of Funds, Jeff Walton, said that it was the 11th day of qualifying strategy for the S&P 500.
The blocking of block on the S&P 500 has been planned for some time. On January 10, Matthew Sigel, manager of digital asset research in Vaneck, suggested that Block could become the first company with a “explicit” Bitcoin strategy to be included in the S&P 500.
In relation: The domination of the bitcoin of “99% luck” culminated if Ethereum Surge continues
Meanwhile, on May 28, Block announced that he would launch Bitcoin Payments on Square, his payment processing arm, with a deployment to start later this year before a full launch in 2026.
The company announced the plan at the Bitcoin 2025 conference in Las Vegas on May 27, where Block demonstrated the functionality of the BTC Inc. Merchandise Store.
Merchants will be able to accept Bitcoin payments via existing square equipment using the Lightning network, the Bitcoin faster layer 2 scale 2 network.
Review: Bitcoin Og Willy Woo sold most of his Bitcoin: this is why
