Jack Dorsey’s company, Block (formerly Square), is officially joining the S&P 500 index on July 23rd. This means it’s now considered one of the top 500 large companies in the US.
Block’s Big Bitcoin Holdings
Block is well-known for its payment services like Cash App, and it also offers a Bitcoin wallet. What’s really noteworthy is that Block holds a massive Bitcoin treasury – the 12th largest among publicly traded companies. They’re sitting on approximately 8,584 BTC, currently worth over $1 billion, representing a huge unrealized profit.
Recent Regulatory Issues
Earlier this year, Block settled with New York regulators over alleged compliance issues with its anti-money laundering program. The regulators claimed Block had shortcomings in its Cash App service, particularly concerning Bitcoin transactions. Specifically, they alleged insufficient customer due diligence and a failure to adequately address suspicious activity alerts.
Looking Ahead
Block’s inclusion in the S&P 500 is a major milestone, despite the recent regulatory hurdles. This move underscores the company’s growth and influence in the fintech and cryptocurrency spaces.