S&P 500 Bitcoin exposure – Will Strategy be next after Block Inc.’s inclusion?
Main Idea
Block Inc. has joined the S&P 500 Index, becoming the third Bitcoin-focused firm in the index, signaling growing trust in crypto by traditional finance players.
Key Points
1. Block Inc. replaced Hess Corporation in the S&P 500 Index on 18 July, with its stock rallying by 10% during the inclusion announcement.
2. Block Inc. is the third Bitcoin-focused firm in the S&P 500, following Coinbase and Tesla, which hold 9,267 BTC and 11,509 BTC respectively.
3. Amrita Ahuja, COO and CFO of Block Inc., highlighted the inclusion as bringing 'broader exposure' to the company.
4. Hank Huang of Kronos Research viewed the inclusion as a sign of 'growing trust' in crypto by traditional finance (TradFi) players.
5. Block Inc. rebranded from Square in December 2021 to focus on blockchain-aligned services, including Bitcoin-network-based builders and DeFi solutions.
Description
Block Inc. is the third BTC-aligned firm to join the index.
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