Particle.news
Download on the App Store
4 ARTICLES
·
yesterday

Block Set to Join S&P 500 on July 23, Replacing Hess Corp

An 8.5% after-hours jump has prompted index-tracking funds to prepare for share additions.

Image
Image
Image
jack dorsey S&P 500 Markets coinbase stocks block inc

Overview

  • Block will replace Hess Corp in the S&P 500 at the open of trading on July 23 following Chevron’s $53 billion acquisition.
  • Shares of the fintech firm rallied 8.5% in after-hours trading after the inclusion announcement.
  • Institutional and index-tracking funds are positioning to add Block to their portfolios before the effective date.
  • Block holds 8,584 bitcoin on its balance sheet, ranking it 11th among publicly traded companies in BTC holdings.
  • The company has evolved from a payments processor into a diversified fintech platform offering peer-to-peer transfers, merchant services and FDIC-approved consumer lending through Cash App Borrow.