Jack Dorsey’s Block Hits the Big Leagues: Joins S&P 500 Next Week

Wall Street’s club just got a crypto-friendly member.

Block—the fintech disruptor behind Cash App and Square—is set to join the S&P 500 index next week, marking a watershed moment for Bitcoin-friendly stocks. The move comes as traditional finance grudgingly acknowledges crypto’s creeping legitimacy (between martini lunches, of course).

Why it matters: Mainstream index inclusion means passive funds must buy Block’s stock—potentially juicing its valuation despite the ‘crypto winter’ hangover.

The irony? Dorsey’s company now gets measured by the same institutional metrics it’s spent a decade undermining. Welcome to the machine, Jack.

Block Inc. (NYSE: XYZ), an American tech company founded by Jack Dorsey and best known for the creation of Cash App, will replace Hess Corp. (NYSE: HSE) in the S&P 500 index. The removal of the energy company was instituted after it was acquired by Chevron Corp. (NYSE: CVX). 

Beginning on Wednesday, July 23, the XYZ stock will be included in the S&P 500 index. As a result, Block Inc., will join Coinbase Global Inc. (NASDAQ: COIN), which joined the index in mid May 2025.

Jack Dorsey’s Block Introduces Bitcoin to Mainstream Institutional Investors 

According to market aggregate data from BitcoinTreasuries, Block Inc., has held 8,585 Bitcoins, worth about $1.01 billion, since October 7 2020. The company purchased its Bitcoin trove at an average price of about $30,405, thus achieving a profit of nearly 300 percent.

The inclusion of the Block Inc. into the S&P 500 index will, therefore, play a crucial role in the mainstream adoption of BTC by institutional investors. Furthermore, the cryptocurrency market has received much needed legal clarity, especially after President Donald Trump signed into law the GENIUS Act.

Following the announcement, the XYZ stock market gained 10 percent in the after hours on Friday to trade about $79.49. The large-cap company, with a market valuation of about $43 billion, has seen its stock rally over 35 percent in the past three months.

The bullish sentiment of XYZ is partially influenced by the ongoing rally in bitcoin fueled by mainstream adoption.