Jack Dorsey’s Block Crashes S&P 500 Party as Third Bitcoin-Backed Giant in the Index

Wall Street’s blue-chip club just got a crypto makeover. Jack Dorsey’s Block (formerly Square) storms into the S&P 500—joining MicroStrategy and Tesla as the only Bitcoin-hoarding companies in the hallowed index.

The Bitcoin Trifecta

Three’s a trend. With Block’s inclusion, nearly 1% of the S&P 500 now has BTC exposure on their balance sheets—whether Wall Street traditionalists like it or not.

Corporate Hodl Gang Grows

While goldbugs scoff, Dorsey’s fintech disruptor joins the ranks of public companies betting big on digital gold. No ETFs needed—just cold, hard corporate treasury plays.

The Cynic’s Corner

Nothing legitimizes an asset class like institutional FOMO—unless it’s the same institutions that dismissed crypto as a ‘fraud’ five years ago. How the turns have tabled.

TLDR

• Block (formerly Square) joined the S&P 500 index on July 23, 2025, replacing Hess Corp after its Chevron acquisition
• Block becomes the third S&P 500 company holding Bitcoin, with 8,584 BTC worth approximately $1 billion
• Block’s stock price jumped 10.7% following the S&P 500 announcement, though shares remain down 13% year-to-date
• Tesla and Coinbase are the other two S&P 500 companies with Bitcoin holdings, at 11,509 BTC and 9,267 BTC respectively
• The inclusion gives passive investors indirect exposure to Bitcoin through S&P 500 index funds

Jack Dorsey’s technology company Block officially joined the S&P 500 index on July 23, 2025. The company replaced Hess Corp, which exited the index following its $54 billion acquisition by energy giant Chevron.

Block’s inclusion marks a new milestone for the payments company founded by the former Twitter CEO. The company holds 8,584 Bitcoin worth approximately $1 billion, making it the 13th-largest corporate holder of BTC according to BitcoinTreasuries.NET.

For those asking how much of Block will be bought by index funds after its S&P 500 inclusion…

$11 billion.

That’s 19x Block’s daily trading volume
and over 23% of its market cap.$XYZ pic.twitter.com/INN42s7OV3

— Sean D. Emory (@_SeanDavid) July 23, 2025

The announcement of Block’s S&P 500 inclusion on July 18 triggered immediate market reaction. Block’s stock price surged 10.7% from its July 18 opening price of $72.01 to $79.69. The stock has gained nearly 14% over the five-day period since the announcement.

Despite the recent gains, Block shares remain down 13% for the year-to-date period. The company receives a 0.09% weighting in the benchmark index.

Bitcoin Exposure in Major Index

Block joins Tesla and Coinbase as the third publicly traded company in the S&P 500 with bitcoin treasury holdings. Tesla holds the largest position among the three companies with 11,509 BTC valued at approximately $1.4 billion.

Coinbase maintains 9,267 BTC worth about $1.1 billion at current prices. The cryptocurrency exchange holds a 0.18% weighting in the S&P 500, placing it alongside companies like Intel and DoorDash.

Tesla’s stock has declined 4.6% over the past month, while Coinbase shares have risen 28.4% during the same period. The crypto market overall has gained 23% in the past 30 days according to CoinGecko data.

Block’s entry into the S&P 500 provides passive investors with indirect Bitcoin exposure through index funds. The S&P 500 represents $50 trillion in market capitalization as of the first quarter of 2025.

To qualify for S&P 500 inclusion, companies must meet strict criteria. These include a market capitalization exceeding $18 billion, a public float greater than 10%, and positive earnings in the most recent quarter.

Impact on Institutional Investment

The inclusion of Bitcoin-holding companies in major indices could influence institutional investment strategies. OnlyCalls noted on X that “Institutional entrance solidifies BTC’s financial visibility” and predicted more conservative entities might consider Bitcoin as a treasury asset.

S&P 500 membership typically reduces perceived investment risk and broadens the shareholder base. The listing can attract institutional investors with mandate restrictions that previously prevented them from buying the stock.

Index-tracking funds must purchase shares of newly added companies to maintain proper weighting. This mechanical buying often drives initial price increases following inclusion announcements.

Block operates multiple business segments including Square merchant services, Cash App consumer finance, and Afterpay’s buy-now-pay-later platform. The company also runs newer initiatives like the Bitkey self-custody wallet and TIDAL music streaming service.

The company described its S&P 500 inclusion as “a milestone that reflects the strength of our business.” Block credited thousands of employees building tools to increase economic access across its various platforms.

Block’s Bitcoin holdings represent one of the largest corporate treasuries among publicly traded companies. The company’s position makes it the 13th-largest corporate Bitcoin holder globally, putting it ahead of many traditional financial institutions.