Block Inc., the fintech company founded by Jack Dorsey, is set to become the second major cryptocurrency-focused company included in the prestigious S&P 500 index this week, following similar inclusion of Coinbase in May.
The company announced its listing on Monday, which will see Block replace Hess Corp., an oil and gas company being acquired by Chevron. The listing is expected to occur following the price reporting close on Wednesday.
Incorporated as Square Inc. before rebranding as Block earlier this year, Block has a significant history with cryptocurrency. The company has been consistently investing a portion of its Bitcoin-related profits directly into acquiring Bitcoin, aiming to hold the digital asset on its balance sheet.
Block’s strategic inclusion in the broad S&P 500 index is viewed by industry analysts as a significant endorsement, further signaling mainstream acceptance for blockchain technology and cryptocurrency firms, particularly within the U.S. financial landscape.
“Block’s S&P 500 inclusion is another marker of how crypto companies are becoming a standard feature in traditional financial markets,” noted Robbie Ferguson, co-founder of Immutable. He added that regulatory developments, including recent moves like the GENIUS Act mandating government support for blockchain and classifying certain assets as critical infrastructure, are accelerating this acceptance.
Block is recognized among the top ten publicly traded companies holding significant amounts of Bitcoin on their books, showcasing its commitment to the technology beyond just service provision within its Cash App and other platforms. Its investment strategy reinforces this commitment, framing the moves as part of a mission towards “global economic empowerment.”
The S&P 500, tracking the 500 largest U.S. companies, is a key benchmark for investors. Block’s entry underscores its financial stability and operational capabilities, alongside its established role in the fintech sector that integrates Bitcoin functionalities with broader consumer products, distinguishing it from pure-play cryptocurrency exchanges like Coinbase.
