Jack Dorsey’s Block Enters S&P 500, Second Crypto Firm After Coinbase

Block Inc. will enter the S&P 500 index before trading opens on Wednesday, July 23, 2025. The financial technology company will replace Hess Corp, which Chevron acquired for $53 billion.

S&P Dow Jones Indices announced the change on Friday. Block shares jumped nearly 10% in after-hours trading following the announcement, as index-tracking funds prepare to add the stock to their portfolios.

The inclusion comes two months after Coinbase became the first crypto-focused company to join the benchmark index in May 2025. Block represents the second crypto-aligned firm to reach this milestone.

Jack Dorsey founded the company in 2009 as Square. The company rebranded to Block Inc. in December 2021 to reflect its expanded focus on blockchain technology and digital assets. Block operates multiple businesses including Square for merchant payments, Cash App for peer-to-peer transfers, Afterpay for buy-now-pay-later services, TIDAL music streaming, Proto bitcoin mining tools, and Bitkey self-custody wallet.

Block committed last year to investing 10% of its monthly Bitcoin profits back into BTC. The company also open-sourced its treasury management approach. As of July 2025, Block holds 8,584 BTC valued at approximately $1 billion at current market prices.

“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 stated in a release. “Thanks to our customers, teams, and shareholders who’ve been with us on the journey. We’re just getting started.”

The S&P 500 addition typically increases a company’s visibility and trading volume as passive investment funds adjust their holdings to match the index composition. Block’s entry continues a trend of cryptocurrency-related companies gaining acceptance in traditional financial benchmarks.