Jack Dorsey’s Block Joins the S&P 500: The Billionaire’s BTC Bonanza

by

Ah, Jack Dorsey—our favorite tech mogul who has a penchant for transforming cash into a cryptocurrency empire. His Bitcoin-loving fintech firm, Block, has decided to waltz right into the prestigious S&P 500, that illustrious index of the 500 most important companies in the United States. What a lovely invitation to a party of the rich and famous. 🍾

As announced just last week (with all the fanfare of a royal proclamation), Block will officially join the elite list starting July 23rd. A round of applause, please, for the company that tracks the stock performance of companies that, well, actually matter in the grand scheme of things. Or so they say. 🙄

Once known as Square (but let’s face it, “Block” is much snappier), this tech titan is renowned for its payment services like Cash App. And not to be outdone, they’ve also launched a self-custody BTC wallet, Bitkey. Because who doesn’t need another way to hoard digital money, right? 🤑

But wait—there’s more! Block owns the 12th-largest public corporate Bitcoin treasury in the world. It holds a staggering 8,584 BTC, worth a modest $1.01 billion. A small fortune, really, for a company with an unrealized profit of a cool 286% on its BTC holdings. Move over, humble beginnings—this company’s got Bitcoin, and it’s not afraid to flaunt it. 💎

However, not all is rosy in the world of Jack and his Bitcoin treasure chest. In April, Block settled with the New York Department of Financial Services (NYDFS), as the regulatory gods weren’t exactly pleased with their compliance efforts. Apparently, Block’s version of “due diligence” was more “laissez-faire,” especially when it came to their peer-to-peer money transmission service, Cash App, which started allowing BTC transactions back in 2018. 🙃

The NYDFS claimed Block was a tad too relaxed with its customer checks, allowing transactions to slip through without the proper scrutiny. Who knew that rapid growth from 2019 to 2020 would lead to such regulatory headaches? It’s almost as if success comes with a price—who would’ve thought? 😏

In the end, Block’s actions enabled anonymous Bitcoin transactions to bypass anti-money laundering measures. But hey, what’s a little oversight when you’re sitting on a Bitcoin empire? Let’s just hope that Block’s crypto dreams are as solid as the blockchain itself. 🍻

Read More

2025-07-22 15:07