Block’s S&P 500 Debut Supercharges Bitcoin’s Mainstream Credibility

Wall Street's old guard just got a crypto wake-up call.

Block—the fintech giant behind Cash App and Square—joins the S&P 500 today, marking the index's most significant Bitcoin-friendly addition yet. The move signals growing institutional acceptance of crypto infrastructure plays.

Why this matters

With 10% of Cash App's 2024 revenue coming from Bitcoin transactions, Block's inclusion effectively gives the S&P 500 indirect BTC exposure. Analysts predict this could open floodgates for other crypto-adjacent stocks.

The cynical take

Traditional finance finally found a way to profit from crypto without actually understanding it. Now watch pension funds start 'diversifying' into blockchain stocks—just as retail investors get wise to the volatility.

Key Takeaways

• Block has joined the S&P 500, increasing bitcoin exposure for index investors.
• Block holds 8,584 BTC, making it the 13th-largest corporate holder.
• Coinbase and Tesla are the other S&P 500 companies with major bitcoin holdings.

Jack Dorsey’s payments company Block was added to the S&P 500 index on Wednesday, making it the third company with notable Bitcoin holdings to join the high-profile equity benchmark.

Block’s bitcoin reserves

Block currently holds 8,584 bitcoin, valued at around $1 billion, ranking it as the 13th-largest corporate holder according to Bitbo Treasuries.

The company’s shares on the NYSE have surged nearly 14% in the past five days following the S&P 500 inclusion announcement.

To be listed on the S&P 500, a company must have a market capitalization above $18 billion, a public float exceeding 10%, and positive earnings in the most recent quarter.

Block replaces Hess Corp, which exited the index after a $55 billion merger with Chevron.

More bitcoin exposure for equity investors

The S&P 500 represented $50 trillion in market capitalization at the end of Q1 2025.

With Block’s addition, investors in S&P 500-tracking funds gain further indirect exposure to bitcoin.

Commenting on social media, OnlyCalls wrote:

Institutional entrance solidifies BTC’s financial visibility. Expect more conservative entities to consider BTC as a viable treasury asset.

Comparison to coinbase and tesla

Block joins Coinbase and Tesla as S&P 500 members with significant bitcoin reserves.

Coinbase holds 9,267 BTC (about $1.1 billion), while Tesla holds 11,509 BTC (about $1.4 billion).

Over the past month, Coinbase shares have risen 28.4%, outpacing the overall bitcoin market’s 23% gain, while Tesla’s shares have declined 4.6%.