Crypto Pushes Deeper Into S&P 500 as Block Follows Coinbase Into Index
Main Idea
Block Inc., led by Jack Dorsey, is set to join the S&P 500, becoming the second crypto-facing firm in the index after Coinbase, signaling growing mainstream acceptance of crypto-related companies.
Key Points
1. Block Inc. will replace Hess Corp. in the S&P 500, following Coinbase's addition to the index earlier in the year.
2. The S&P 500 includes 500 of the largest publicly traded U.S. companies, requiring criteria on profitability, liquidity, and trading volume.
3. Block integrates Bitcoin into its fintech ecosystem, holding over 8,500 BTC on its balance sheet and offering Bitcoin-related services.
4. Industry experts view Block's inclusion as a sign of TradFi's growing trust in crypto-aligned companies and broader blockchain adoption.
5. Block has expanded its crypto initiatives, including a Bitcoin investment blueprint that allocates 10% of gross profits to Bitcoin purchases.
Description
The fintech firm will join the benchmark index on Wednesday, two months after crypto exchange Coinbase made its debut.
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