Jack Dorsey’s Bitcoin-centric Block Inc to join S&P 500 this week

Block Inc, the tech company that operates several business units in the digital asset ecosystem, will be added to the S&P 500 effective Wednesday, July 23. The stock traded higher by 10% in aftermarket trading after the news was confirmed late Friday."It’s a milestone that reflects the strength of our business and the work of thousands of people building tools to increase access to the economy, across our brands including Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey," the company said in a release. "Thanks to our customers, teams, and shareholders who’ve been with us on the journey. We’re just getting started."Block (ticker XYZ) was originally founded in 2009 as Square and was initially focused on providing financial services and mobile payment solutions. In December 2021, the company rebranded to Block Inc., reflecting its growing interest and involvement in blockchain technology and digital assets.Block's Bitkey unit is a simple self-custody wallet built for bitcoin, while Proto is a suite of bitcoin mining products and services. The addition to the S&P 500 comes about two months after Coinbase became the first pure-play crypto firm to join the benchmark index. Block will replace Hess, which is exiting the index upon its acquisition by Chevron. Last summer, Block began investing 10% of its bitcoin profits into BTC each month, and open-sourced its treasury blueprint so others can follow suit. The company owns 8,584 BTC, according to BitcoinTreasuries.net, which is worth around $1 billion at current prices.Last November, Block said it would cut back investments in the music streaming app Tidal and wind down the decentralized web platform developer team at TBD. In April, Block settled for $40 million with New York's top financial regulator over AML failures. The stock trades around $72.82 per share with a market cap of around $44.8 billion, according to The Block's XYZ price data.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.