Block shares jumped more than 10% in extended trading on Friday, as the fintech company gets set to join the S&P 500, replacing Hess
It’s the second change to the benchmark this week, after S&P Global announced on Monday that ad-tech firm The Trade Desk would be added to the S&P 500. Trade Desk is taking the place of software maker Ansys, which was acquired by Synopsys
Block will officially join the S&P 500 before the opening of trading on July 23, according to a statement from S&P. Stocks often rally when they’re added to a major index, as fund managers need to rebalance their portfolios to reflect the changes.
Woop woop, the Bitcoin takeover is here
As a block bag holder I am very happy for them
I am also glad to see Block is a Bitcoin Company with positive earnings.
https://www.nasdaq.com/market-activity/stocks/xyz/earnings
A lot of the publicly trading bitcoin companies seem to be fine with negative earnings.
Time to buy some more Bitcoin Jack.
That's expected, because: