On July 19, Block (stock code: XYZ) rose over 11% after hours, with its market value increasing to $43.5 billion.
Previously, it was reported that Jack Dorsey's payment company Block will join the S&P 500 index.
Earlier, on May 3, 2024, Jack Dorsey's payment company Block announced its DCA (dollar-cost averaging) plan for Bitcoin. According to the plan, Block will use 10% of the monthly gross profit from its Bitcoin Conversions Product to purchase Bitcoin for investment. Previous data showed that Block's first-quarter gross profit from the Bitcoin Conversions Product was $80 million. If this profit level continues for the rest of the year, the company will add Bitcoin worth $24 million to its balance sheet.
As of March 31, 2024, Block held 8,038 Bit on its balance sheet, accounting for approximately 9% of its total cash, cash equivalents, and marketable securities.
