Block Inc. (NYSE: XYZ), an American tech company founded by Jack Dorsey and best known for the creation of Cash App, will replace Hess Corp. (NYSE: HSE) in the S&P 500 index. The removal of the energy company was instituted after it was acquired by Chevron Corp. (NYSE: CVX).
Beginning on Wednesday, July 23, the XYZ stock will be included in the S&P 500 index. As a result, Block Inc., will join Coinbase Global Inc. (NASDAQ: COIN), which joined the index in mid May 2025.
According to market aggregate data from BitcoinTreasuries, Block Inc., has held 8,585 Bitcoins, worth about $1.01 billion, since October 7 2020. The company purchased its Bitcoin trove at an average price of about $30,405, thus achieving a profit of nearly 300 percent.
The inclusion of the Block Inc. into the S&P 500 index will, therefore, play a crucial role in the mainstream adoption of BTC by institutional investors. Furthermore, the cryptocurrency market has received much needed legal clarity, especially after President Donald Trump signed into law the GENIUS Act.
Following the announcement, the XYZ stock market gained 10 percent in the after hours on Friday to trade about $79.49. The large-cap company, with a market valuation of about $43 billion, has seen its stock rally over 35 percent in the past three months.
The bullish sentiment of XYZ is partially influenced by the ongoing rally in Bitcoin fueled by mainstream adoption.
A quiet but steady shift is happening in corporate finance. More public companies are now…
From its early days as a simple “Tap to Earn” experiment to its push toward…
World Liberty Financial, backed by the Trump family, is preparing to launch a publicly listed…
Bhutan is one of the top countries with the most government-owned crypto in 2025. The…
The cryptocurrency market has a new rising star, and it’s leaving even big names like…
Ripple has scored a significant victory after the U.S. Securities and Exchange Commission (SEC) officially…
