Block Inc. (NYSE: SQ), the fintech firm co-founded by Jack Dorsey, will be added to the S&P 500 index effective July 23, 2025, replacing Hess Corp. This landmark inclusion follows stringent financial criteria and reflects Block's maturation into a major financial player, triggering a 10% surge in its stock price due to mandatory buying from index-tracking funds.
Dorsey's Bitcoin-centric vision underpins Block's operations, with services like Cash App (enabling Bitcoin trading) and Bitkey (Bitcoin wallet) positioning the company at the intersection of traditional finance and cryptocurrency. The move signals mainstream validation of crypto-integrated business models, drawing historical parallels to Tesla's Bitcoin treasury adoption. Analysts suggest this could accelerate institutional Bitcoin adoption, as Block's $190+ billion market cap brings heightened credibility and new investor classes to crypto markets.
In its official statement, Block emphasized this milestone reflects its mission to "increase access to the economy" across brands including Square, Cash App, and Bitkey. The inclusion exposes Bitcoin to S&P 500's vast institutional network, potentially reshaping crypto's role in traditional portfolios.