Latest news with #CashApp
Yahoo
7 hours ago
- Business
- Yahoo
Shares of Jack Dorsey's Block Jump 8.5% on S&P 500 Inclusion
Payments firm Block (XYZ) will be added to the S&P 500 index on July 23, replacing Hess Corp following the oil company's acquisition by Chevron. The news sent Block's shares soaring 8.5% in after-hours trading. After closing Friday's session up 2.95%. 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. Earlier this week, COIN hit a new all-time high around $445 before correcting. 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. The company's inclusion in the index also means that major investment funds will indirectly add exposure to bitcoin and the wider cryptocurrency ecosystem. The company holds 8,584 bitcoin on its balance sheet according to BitcoinTreasuries, giving it the 11th-largest BTC treasury among publicly traded firms. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Mint
a day ago
- Business
- Mint
Jack Dorsey-led Block set to join S&P 500 index in new milestone, to replace Hess
Jack Dorsey's Block Inc. is set to join the S&P 500 index, a milestone that underscores the growing influence of digital payments and crypto in mainstream finance. The fintech firm will replace Hess Corp. in the benchmark, following Chevron Corp.'s $53 billion acquisition of the energy producer. The changes will go into effect prior to the start of trading on July 23, according to a press release from S&P Dow Jones Indices Friday. Shares of Block rose as much as 14% in after-hours trading. Block, formerly known as Square, has evolved from a payments processor into a broader fintech player, offering peer-to-peer transfers, merchant services, and increasingly, consumer lending. Earlier this year, Block's industrial bank subsidiary Square Financial Services Inc. received approval from the US Federal Deposit Insurance Corp. to begin offering consumer loans directly through the Cash App Borrow product. The company is also integrating Bitcoin payment capabilities into its Square terminals, reflecting Dorsey's long-standing advocacy for Bitcoin. He remains an influential voice in the digital-asset world, recently sharing open-source coding projects on X. Block is aiming to turn Cash App into a full-scale banking and lending product, even as the company grapples with uneven earnings results. Inclusion in the US equity benchmark can elevate a company's profile and is becoming more important as passive investment funds grow. Expulsion from the benchmark can weigh on stock prices, as index funds sell shares to realign with the S&P 500's new composition.
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Business Standard
a day ago
- Business
- Business Standard
Jack Dorsey's Block to join S&P 500 index, replacing Hess after merger
Jack Dorsey's Block Inc. is set to join the S&P 500 index, a milestone that underscores the growing influence of digital payments and crypto in mainstream finance. The fintech firm will replace Hess Corp. in the benchmark, following Chevron Corp.'s $53 billion acquisition of the energy producer. The changes will go into effect prior to the start of trading on July 23, according to a press release from S&P Dow Jones Indices Friday. Shares of Block rose as much as 14 per cent in after-hours trading. Block, formerly known as Square, has evolved from a payments processor into a broader fintech player, offering peer-to-peer transfers, merchant services, and increasingly, consumer lending. Earlier this year, Block's industrial bank subsidiary Square Financial Services Inc. received approval from the US Federal Deposit Insurance Corp. to begin offering consumer loans directly through the Cash App Borrow product. The company is also integrating Bitcoin payment capabilities into its Square terminals, reflecting Dorsey's long-standing advocacy for Bitcoin. He remains an influential voice in the digital-asset world, recently sharing open-source coding projects on X. Block is aiming to turn Cash App into a full-scale banking and lending product, even as the company grapples with uneven earnings results. Inclusion in the US equity benchmark can elevate a company's profile and is becoming more important as passive investment funds grow. Expulsion from the benchmark can weigh on stock prices, as index funds sell shares to realign with the S&P 500's new composition.
Globe and Mail
a day ago
- Business
- Globe and Mail
Block Set to Join the S&P 500
Block has been added to the S&P 500, effective July 23, 2025. It's a milestone that reflects the strength of our business and the work of thousands of people building tools to increase access to the economy, across our brands including Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey. Thanks to our customers, teams, and shareholders who've been with us on the journey. We're just getting started. About Block, Inc. Block, Inc. (NYSE: XYZ) builds technology to increase access to the global economy. Each of our brands unlocks different aspects of the economy for more people. Square makes commerce and financial services accessible to sellers. Cash App is the easy way to spend, send, and store money. Afterpay is transforming the way customers manage their spending over time. TIDAL is a music platform that empowers artists to thrive as entrepreneurs. Bitkey is a simple self-custody wallet built for bitcoin. Proto is a suite of bitcoin mining products and services. Together, we're helping build a financial system that is open to everyone.
Business Wire
a day ago
- Business
- Business Wire
Block Set to Join the S&P 500
DISTRIBUTED-WORK-MODEL/OAKLAND, Calif.--(BUSINESS WIRE)--Block has been added to the S&P 500, effective July 23, 2025. It's a milestone that reflects the strength of our business and the work of thousands of people building tools to increase access to the economy, across our brands including Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey. Thanks to our customers, teams, and shareholders who've been with us on the journey. We're just getting started. About Block, Inc. Block, Inc. (NYSE: XYZ) builds technology to increase access to the global economy. Each of our brands unlocks different aspects of the economy for more people. Square makes commerce and financial services accessible to sellers. Cash App is the easy way to spend, send, and store money. Afterpay is transforming the way customers manage their spending over time. TIDAL is a music platform that empowers artists to thrive as entrepreneurs. Bitkey is a simple self-custody wallet built for bitcoin. Proto is a suite of bitcoin mining products and services. Together, we're helping build a financial system that is open to everyone.
