S&P 500’s Bitcoin Gamble: Is Strategy the Next Domino to Fall After Block Inc.?

The S&P 500’s flirtation with Bitcoin just got hotter—Block Inc.’s inclusion has Wall Street whispering: Who’s next?

The Bitcoin Contagion Spreads

First it was Tesla. Then Block. Now, the trillion-dollar question: Which S&P 500 giant will blink next and dive into crypto’s volatile waters? The index’s creeping Bitcoin exposure reads like a hedge fund manager’s midlife crisis—equal parts thrilling and reckless.

Strategy’s Crypto Crossroads

Analysts are circling Strategy like sharks scenting blood. With institutional FOMO at all-time highs, the pressure to ‘do a MicroStrategy’ mounts. Because nothing says ‘innovative financial leadership’ like betting the balance sheet on digital gambling tokens—just ask the bagholders of 2022.

The Institutional Tipping Point

Every basis point of S&P 500 Bitcoin exposure legitimizes what skeptics still call ‘magic internet money.’ Meanwhile, traditional finance clutches its pearls—right before quietly allocating 1% of the pension fund ‘for diversification.’

One thing’s clear: The suits are finally playing our game. Place your bets on who blinks next—just maybe keep some fiat for the margin calls.

Key Takeaways

Block Inc. has joined the S&P 500 Index, making it the third Bitcoin-focused firm to be included after Coinbase and Tesla. Will Strategy join soon? 

Jack Dorsey’s Block Inc. has joined the S&P 500 Index, making it the third Bitcoin [BTC] and crypto-focused company in the coveted equity index. The payment and BTC-facing firm was included in the index on 18 July. It replaced the Hess Corporation, which was acquired by Chevron Corporation on that day. 

However, the official trading as part of the S&P 500 Index began on 23 July. Block’s stock, XYZ, posted gains of only 0.54% on Wednesday, but it rallied by 10% during the inclusion announcement last week.

Market pundits billed the milestone as fintech growth. On the contrary, crypto sector leaders praised it as a sign of growing BTC exposure on Wall Street.   

Block joins Coinbase, Tesla on the index

Unlike the Block that straddles both the fintech and crypto world, Coinbase was the first crypto-native firm to join the equity index on 19 May 2025. Tesla, another BTC holder, was included in the index on 21 December 2020.

At press time, Tesla held 11,509 BTC, while Coinbase boasted 9,267 BTC. On the contrary, Block Inc. had a stash of 8,584 BTC. 

Reacting to the update, Amrita Ahuja, COO and CFO of Block Inc., hailed it as great for “broader exposure.”

“It’s not a finish line. It is a signal that what we’re building has staying power. Inclusion brings broader exposure.”

For his part, Hank Huang of crypto research firm Kronos Research, viewed it as “growing trust” in crypto by TradFi players. 

“Block Inc.’s S&P 500 inclusion signals TradFi’s growing trust in crypto-aligned companies and the steady adoption of blockchain-backed infrastructure.”

The Block Inc. (formerly Square), was designed to empower small businesses to accept card payments through mobile devices. 

The firm was founded by Jack Dorsey and Jim McKelvey in 2009, but expanded into other financial services like Cash App (P2P payments), Square Capital for loans, and a PoS (point of sale called Square PoS). 

In December 2021, the firm rebranded to Block Inc. as part of its pivot to blockchain-aligned services via Spiral to support Bitcoin-network-based builders and apps alongside TBD, a DeFi-focused solutions. 

Additionally, just last year, Dorsey announced that 10% of its revenue from its crypto products WOULD be used to acquire BTC. 

Here, it’s worth noting that bitcoin corporate treasury pioneer, Strategy (formerly MicroStrategy), could be the next potential contender for S&P 500 Index inclusion.

If that happens, there will be four BTC-aligned firms on the index. This would allow investors to have more stake in the crypto sector.