S&P 500 Is Getting More Bitcoin Exposure as Block Joins the Club
Key Takeaways
- Block joined the S&P 500 this morning. The Bitcoin-focused payments company will be the second blockchain company to join the club.
- Shares of Block have risen 9% since the announcement that it would join the index, benefitting from the so-called index effect.
Block, Jack Dorsey’s Bitcoin-focused payments company, joined the S&P 500 on Wednesday, a milestone moment for both the company and and foray further into crypto for the benchmark index.
Block (XYZ), which was rebranded from Square in 2021, is the second blockchain company to join the club after cryptocurrency exchange Coinbase Global (COIN) was added to the index in mid-May. That means index fund investors will get a modest bump in exposure to the world’s…
