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Key Takeaways:
- Block Inc. joins the S&P 500 on Wednesday, replacing Hess Corp.
- The company’s pro-Bitcoin strategy includes holding BTC and enabling Lightning payments via Square.
- The move signals increasing institutional legitimacy for crypto in U.S. equity markets.
Jack Dorsey’s Block Inc. will join the S&P 500 this week, following Coinbase’s recent debut — a signal of accelerating crypto integration on Wall Street.
Block Inc., the Bitcoin-focused fintech firm led by Jack Dorsey, will officially join the S&P 500 index this Wednesday, replacing energy giant Hess Corp. The news sent Block’s stock soaring by 8.49% in after-hours trading on Friday, closing at $79. This development makes Block the second cryptocurrency-aligned firm after Coinbase to be added to the prestigious index — a move hailed by crypto advocates as a breakthrough for institutional Bitcoin adoption.
A Milestone for Bitcoin-Backed Firms
Block’s inclusion has been met with enthusiasm across the crypto community. Known for its pro-Bitcoin stance, Block holds 8,584 BTC, according to data from Bitbo. Its treasury strategy, Bitcoin investments, and upcoming Bitcoin payment rollout via Square all underscore its commitment to the digital asset.
“This is not just a headline,” said crypto analyst WiseSummit. “It is trillions in passive flows inching closer to Bitcoin.” Others in the space framed it as a blueprint for merging crypto and fintech on Wall Street.
Strategic Fit Meets S&P 500 Criteria
To qualify for S&P 500 inclusion, a company must meet several thresholds, including a market cap over $18 billion and four consecutive quarters of positive GAAP earnings. Block’s recent financial performance and market growth—up 14.51% in the last 30 days—positioned it well for the move.
This moment was foreshadowed in January when VanEck’s head of digital assets, Matthew Sigel, predicted Block could become the first firm with an “explicit” Bitcoin strategy to enter the index.
Crypto’s Growing Institutional Foothold
Block’s entry comes just two months after Coinbase became the first cryptocurrency exchange to join the S&P 500, suggesting a growing openness from traditional finance toward crypto-aligned businesses. With MicroStrategy recently passing the eligibility threshold as well, more crypto-linked firms may soon follow.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
