Block Makes History: Joins S&P 500 as Third Bitcoin-Centric Firm in the Index

Wall Street’s crypto embrace hits new heights as Block (formerly Square) secures its spot in the S&P 500—joining MicroStrategy and Tesla as the only Bitcoin-heavy holdings in the benchmark.

Why it matters: The institutional stamp of approval keeps coming. First ETFs, now this. Traditional finance might still hate crypto, but they can’t ignore the balance sheets.

The twist: All three S&P Bitcoin holders got in through backdoor qualifications—revenue streams unrelated to their crypto bets. A neat loophole for an asset class regulators still treat like a rebellious teenager.

Bottom line: When the suits start copying your trades, it’s either validation or the top. Bonus jab: Goldman Sachs will launch a ‘Blockchain Innovation ETF’ any day now—just 7 years late and stuffed with IBM patents.

Another Bitcoin holder in the index

Block now becomes the third publicly listed entity to join the S&P 500 that holds Bitcoin () in its treasury, alongside Tesla and Coinbase.

According to bitcoin Treasuries,is the tenth-largest BTC holder among publicly listed companies, with a stash of 11,509 BTC worth nearly $1.4 billion as of press time. The company has the ninth-largest weight of the index.

holds the spot as the 12th-largest treasury, with 9,267 BTC valued at approximately $1.1 billion. It has a 0.18% weighting in the S&P 500, alongside companies such as Intel and DoorDash.

Block joins with a 0.09% weight and 8,584 BTC in reported holdings, making the company founded bythe owner of $1 billion worth of Bitcoin.

Changes in perceived risk

The rally in Block’s shares highlights how index mechanics can intersect with sentiment around fintech names, which have lagged behind the broader tech-led market this year. 

S&P 500 membership can lower perceived risk, broaden the shareholder base, and attract mandate-limited institutional investors. 

Still, execution on Core businesses will determine whether the company sustains the rerating. Square’s merchant services, Cash App’s consumer finance suite, and the Buy Now, Pay Later arm, Afterpay, remain key revenue drivers.

At the same time, newer initiatives such as self-custody wallet Bitkey and music platform TIDAL contribute to diversification.