Jack Dorsey’s Block Inc. set to join the S&P 500 this week

Block Inc., co-founded by Jack Dorsey, is set to join the S&P 500 this week, making it the second crypto-focused company added to the index.

On Friday, the fintech company confirmed that it will be added to the benchmark equity index on Wednesday, July 23. Block will replace Hess Corp., which is exiting the index following its acquisition by Chevron.

The news managed to trigger a sharp reaction in aftermarket trading, with Block shares rising 10% after the news was made public. Block has framed the move as a significant milestone.

Companies are added to the S&P 500 based on market capitalization, profitability, liquidity, and trading volume. Block’s addition signals its growth and operational maturity, following a period of restructuring and a strategic shift toward blockchain-based services.

Earlier this year, the company disclosed it had laid off roughly 8% of its workforce after it recorded weaker-than-expected revenue and profit figures for Q4 2024.

At the time, Dorsey said the restructuring would help improve strategic alignment, performance standards, and organisational efficiency. As part of the move, Block closed 748 open positions, retaining only those tied to critical operations.

This development comes just two months after crypto exchange Coinbase joined the S&P 500 in May. It was the first crypto-facing company to enter the index and marked a turning point for digital asset firms in public markets.

Block was founded in 2009 as Square and initially focused on payment processing and mobile financial tools for small businesses. In December 2021, it rebranded to Block Inc. to reflect its growing involvement in blockchain and digital asset infrastructure.

The company operates a diverse portfolio of business units, including Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey. Each brand supports Block’s goal of expanding access to financial tools and digital services.

Block has also embedded Bitcoin across its core products. Cash App, for instance, allows users to buy, sell, and transfer Bitcoin alongside fiat transactions. Similarly, Bitkey, the company’s self-custody wallet, is designed to give individuals control over their digital assets. Meanwhile, through the Proto division, Block develops mining hardware and infrastructure.

The company is also among the largest public corporate holders of Bitcoin, with 8,584 BTC on its balance sheet, worth around $1 billion at current prices. Currently, Block allocates 10% of its monthly gross profit from Bitcoin-related products back into Bitcoin, following a strategy it open-sourced last year as a treasury blueprint.