Block Inc will enter the S&P 500 index on July 23 replacing Hess Corp after its acquisition by Chevron Corporation.
Block Inc becomes the second crypto-linked company added to the S&P 500 following Coinbase earlier this year.
Block Inc stock surged nearly 10% after the S&P 500 news as funds prepare to adjust their portfolios accordingly.
Jack Dorsey’s fintech firm, Block Inc., will join the S&P 500 index on July 23. It will replace Hess Corp., which was recently acquired by Chevron. The inclusion comes after a review by S&P Dow Jones Indices. This move marks Block Inc. as the second crypto-linked company to enter the index. Coinbase was the first, joining earlier this year.
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Block Inc. is known for its role in Bitcoin payments and mining. The company also holds a substantial Bitcoin reserve. Its S&P 500 addition follows a significant shift in traditional finance. The index reshuffle highlights growing recognition of cryptocurrency-related firms.
Impact on Stock and Markets
Following the announcement, Block’s stock rose by nearly 10% in post-market trading. It traded around $79.45, up from $72.82 earlier in the day. Analysts noted that index fund managers may adjust their portfolios to include Block. These adjustments often bring strong capital inflows into new index entrants.
Block’s stock has gained over 15% in the past month. However, it remains down 15.47% for the year. Market watchers expect more institutional attention toward the company following this index entry. Many consider the move a sign of increasing crypto exposure in financial portfolios.
Crypto Operations and Holdings
Block provides a variety of Bitcoin services. It enables merchants to accept Bitcoin payments and mines Bitcoin as part of its core business. In April, it released open-source tools for managing Bitcoin treasuries. The company holds 8,584 Bitcoin, making it the 11th largest public Bitcoin treasury.
This holding places Block just behind Coinbase in Bitcoin reserves. Data platforms tracking corporate Bitcoin ownership confirmed these numbers. The company’s decision to build Bitcoin into its structure aligns with its founder’s focus on decentralized finance.
Future Outlook for Crypto Firms
Block’s addition may open doors for other crypto-related companies. Michael Saylor’s Strategy is also being watched. It meets the index criteria based on four quarters of positive earnings. Observers note that traditional financial benchmarks are adapting to the rise of digital assets.
Block's move shows that crypto-aligned firms are gaining mainstream recognition. Its recent product expansion and BTC integration helped solidify its position. The company also plans to roll out Bitcoin payments through Square’s hardware by 2026.
With index inclusion, Block joins the ranks of the 500 largest U.S. firms. This signals a shift in how Wall Street evaluates digital finance companies.
