Jack Dorsey’s Block Joins S&P 500, Surges 10%

Block Inc. (NYSE: SQ) officially joined the S&P 500 on July 23, replacing Hess following its $54 billion acquisition by Chevron.

The move triggered a 10.7% rally in Block’s stock price, jumping from $72 on July 18 to $79.6 by Wednesday, as traders anticipated inflows from passive index funds.

The company had announced the upcoming inclusion on July 18, giving investors a head start before S&P 500 index-tracking funds began rebalancing portfolios to include Block.

In a statement, Block described the inclusion as “a milestone that reflects the strength of our business,” highlighting its ecosystem of products spanning Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey.

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Block Becomes Third Bitcoin Holder in the S&P 500

With its addition, Block becomes the third S&P 500 constituent holding Bitcoin on its balance sheet, joining Tesla and Coinbase. The company has long championed crypto adoption, with CEO Jack Dorsey emphasizing Bitcoin integration across products like Bitkey (a self-custody wallet) and Cash App.

Despite the recent surge, Block shares remain down 13% year-to-date, reflecting broader fintech volatility. Still, inclusion in the S&P 500 brings increased visibility, institutional exposure, and potential liquidity support as index funds adjust their holdings.

For Bitcoin investors, Block’s presence in the index marks another step toward mainstream integration of crypto treasuries in large-cap equities.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.