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Block selected for the S&P 500 index, stock price rises 11%, continuing to invest in Bitcoin.
On July 19, Block (stock code: XYZ) rose over 11% in after-hours trading, with a market capitalization reaching 43.5 billion dollars.
According to previous reports, Jack Dorsey's payment company Block will join the S&P 500 Index.
On May 3, 2024, Jack Dorsey's payment company Block announced its DCA (Dollar Cost Averaging) plan for Bitcoin. According to this plan, Block will use 10% of the gross profit from its Bitcoin Conversions Product each month to purchase Bitcoin for investment. Previous data indicated that Block's gross profit from Bitcoin Conversions Product in the first quarter was $80 million. If this profit level can be sustained for the remainder of this year, the company will add an additional $24 million worth of Bitcoin to its balance sheet under this plan.
As of March 31, 2024, Block's balance sheet holds 8,038 Bitcoins, accounting for approximately 9% of Block's total cash, cash equivalents, and securities.