Jack Dorsey’s Block to join the S&P 500 Index Next Week

Block Inc., a prominent American tech company founded by Jack Dorsey, is set to replace Hess Corp. in the S&P 500 index. This decision comes after Hess Corp. was acquired by Chevron Corp., leading to its removal from the index. Starting on Wednesday, July 23, Block Inc.’s stock, listed on the NYSE under the ticker symbol XYZ, will be included in the prestigious S&P 500 index. This move will see Block Inc. join Coinbase Global Inc., which became part of the index in mid-May 2025.

One of the key reasons behind Block Inc.’s inclusion in the S&P 500 index is its significant holdings in Bitcoin. According to data from BitcoinTreasuries, the company has amassed 8,585 Bitcoins, valued at approximately $1.01 billion, since October 7, 2020. With an average purchase price of around $30,405 per Bitcoin, Block Inc. has enjoyed a substantial profit of nearly 300 percent on its investment.

The addition of Block Inc. to the S&P 500 index is expected to have a positive impact on the mainstream adoption of Bitcoin among institutional investors. Moreover, the recent signing of the GENIUS Act by former President Donald Trump has provided much-needed legal clarity to the cryptocurrency market, further boosting investor confidence.

Following the announcement of its inclusion in the index, Block Inc.’s stock market experienced a 10 percent surge in after-hours trading on Friday, reaching approximately $79.49. With a market valuation of around $43 billion, the company has witnessed a remarkable 35 percent increase in its stock price over the past three months. This bullish trend in Block Inc.’s stock can be attributed in part to the ongoing rally in the price of Bitcoin, driven by increased mainstream adoption.

Overall, Block Inc.’s entrance into the S&P 500 index signals a significant milestone not only for the company but also for the broader cryptocurrency market. As institutional investors continue to embrace digital assets like Bitcoin, Block Inc.’s strategic holdings in the cryptocurrency are likely to further solidify its position as a key player in the evolving landscape of tech and finance.