Block Inc., the fintech firm co-founded by Jack Dorsey, is set to be added to the S&P 500 on Wednesday, July 23. The company will replace Hess Corp., which is being removed from the index following its acquisition by Chevron. This move makes Block the second crypto-focused company to join the benchmark equity index, following Coinbase’s inclusion in May.
The announcement, confirmed by the company on Friday, sent Block’s shares soaring by 10% in aftermarket trading. The company hailed the inclusion as a major milestone in its evolution.
Block’s addition to the S&P 500 reflects its growing market capitalization, liquidity, profitability, and trading volume—key criteria for entry into the index. It also marks a turning point for the company, which has undergone significant restructuring and sharpened its focus on blockchain technologies in recent years.
Earlier in 2024, Block laid off approximately 8% of its workforce following disappointing Q4 revenue and profit figures. At the time, Dorsey said the restructuring aimed to improve strategic alignment, operational efficiency, and overall performance. The company eliminated 748 open roles, keeping only those considered essential.
Founded in 2009 as Square, the company initially provided mobile payment solutions for small businesses. In 2021, it rebranded to Block Inc. to reflect its broader ambitions in digital finance and blockchain innovation.
Today, Block operates several major business lines, including Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey. These units support its mission to increase access to financial and digital tools. The company has also integrated Bitcoin across its platforms—Cash App users can buy, sell, and transfer the cryptocurrency, while Bitkey offers a self-custody wallet to empower users with control over their assets. Block’s Proto division focuses on developing Bitcoin mining hardware and infrastructure.
Block is also one of the largest public corporate holders of Bitcoin, with 8,584 BTC on its balance sheet—worth roughly $1 billion at current prices. The company has committed to reinvesting 10% of its monthly gross profit from Bitcoin-related products back into Bitcoin, following a treasury strategy it made public last year.
With its upcoming inclusion in the S&P 500, Block joins the ranks of America’s most influential public companies—solidifying its status as a leader at the intersection of fintech and crypto.
