TechFlow news — On January 9, Matthew Sigel, VanEck's head of digital asset research, noted that fintech company Block is poised to become the first publicly traded company holding Bitcoin to be included in the S&P 500 index.
Having achieved profitability in the first quarter of 2024, the company now meets all S&P 500 inclusion criteria, including a market capitalization above $18 billion, more than 10% public float, and five consecutive profitable quarters. Historical data shows that eligible companies are typically added within 3 to 21 months, with the exception of LULU, which took 65 months.
Sigel added that the financial sector currently represents 13.9% of the S&P 500, slightly below its broader market weight of 14.6%, which could favor Block’s inclusion as a financial stock.
