Jack Dorsey's company Block is getting added to the S&P 500.
The company holds over 8,500 bitcoins on its balance sheet.
At the Las Vegas Bitcoin conference they announced
thea plan to roll out bitcoin payments
to their millions of credit card machines. That could be huge for bitcoin payment adoption.
Shares of Jack Dorsey’s Block Jump 8.5% on S&P 500 Inclusion...Inclusion in the index means Block shares will appear in portfolios run by mutual funds
and institutional managers following the S&P 500, the stock market’s benchmark index.
Earlier this year, Coinbase (COIN) became the first cryptocurrency firm to join the index
and at the time its shares saw a similar jump.
Block is best known for its Cash App and Square, as well as its ongoing integration of Bitcoin
into its business model. The company piloted real-time bitcoin payments earlier this year and
is looking to roll out the feature broadly next year. 