Jack Dorsey's Block will join the S&P 500 index, with an Auto-Invest profit rate of up to 288% in Bitcoin.

Twitter founder Jack Dorsey's payment platform Block (, formerly known as Square), is set to join the S&P 500 index, highlighting the growing impact of digital payments and encryption in mainstream finance. Block currently holds 8,584 Bitcoins, ranking eleventh among public companies. Since it began purchasing Bitcoins in 2020, according to data from Bitcointreasuries, its average cost is $30,405, yielding a profit rate of 288%, with unrealized gains reaching $750 million.

Block officially included in the S&P 500 index

According to a press release from S&P Dow Jones Indices, Block Inc. ( stock code XYZ) will replace Hess Corp. ( stock code HES) in the S&P 500 Index before the market opens on 7/23, as the latter was officially acquired by Chevron on 7/18. Block's stock price rose by as much as 14% in after-hours trading, reporting at $79.1 before publication.

Being included in the US stock index benchmark can enhance a company's image, and with the growth of passive investment funds, inclusion in the constituent stocks can "automatically permeate all portfolios," which includes traditional 401k, retirement funds, and a vast number of investors engaging in passive investments, making it more likely for stock prices to rise.

Block extends from payment to fintech companies

Block has evolved from a payment processor to a broader fintech company, offering peer-to-peer transfers, merchant services, and an increasing range of consumer loan services.

Earlier this year, Block's subsidiary Square Financial Services Inc. received approval from the Federal Deposit Insurance Corporation to begin directly offering consumer loans through the Cash App Borrow product.

The company has also integrated Bitcoin payment functionality into its Square, reflecting Dorsey's long-standing advocacy for Bitcoin. He remains a significant figure in the digital asset space and recently shared an open-source programming project on X.

Despite the company's efforts to address uneven profit results, Block remains committed to transforming Cash App into a comprehensive banking and loan product.

Monthly investment in Bitcoin, with an interest rate as high as 288%.

Block will start investing 10% of the gross profit from its Bitcoin products into purchasing Bitcoin every month starting in April 2024. Block currently holds 8,584 Bitcoins, ranking eleventh among publicly traded companies. Having started buying Bitcoin in 2020, according to data from Bitcointreasuries, its average cost is $30,405, with a profit margin of up to 288%, and unrealized gains reaching $750 million.

This article states that Jack Dorsey's Block will join the S&P 500 index, with a monthly investment in Bitcoin yielding an interest rate as high as 288%. It first appeared on Chain News ABMedia.