- Block Inc. replaces Hess in the S&P 500 on July 23, becoming the second crypto linked firm in the index after Coinbase.
- The firm holds 8,584 BTC worth over $1B, indicating deep Bitcoin integration across payments, mining, and infrastructure.
- Block had $22.3B revenue in 2024; its S&P inclusion shows growing fintech and crypto influence in major indices.
Jack Dorsey’s Block Inc. is set to become the second crypto related company to be listed on the S&P 500 index. The inclusion follows an announcement from S&P Dow Jones Indices confirming Block will replace Hess Corp., after Chevron completed its acquisition of the energy firm.
The change will take effect before trading begins on Wednesday, July 23. This move follows Coinbase Global’s entry into the index on May 19. Block’s selection comes as the fintech firm is integrating Bitcoin across its business lines, including payments and mining operations.
S&P 500 Addition Follows Chevron’s Hess Acquisition
According to the official release by S&P Dow Jones Indices, Block will formally replace Hess Corp., which was acquired by Chevron. The Chevron-Hess deal closed on Friday, paving the way for the index reshuffle.
Block shares surged by more than 10% in extended trading shortly after the announcement. The company, formerly known as Square, is now the second firm in the crypto sector to be included in the S&P 500, after Coinbase.
This brings Block closer to mainstream financial markets.In April, the company released open source Bitcoin treasury tools and continues to expand its role in crypto infrastructure.
Block Holds Over 8,500 BTC on Its Balance Sheet
Block Inc. has held Bitcoin on its balance sheet since October 2020. According to BitcoinTreasuries, the company owns 8,584 BTC, ranking 11th among public firms. The Bitcoin was acquired at an average price of $30,405, with the total holding now worth approximately $1.01 billion.
The firm’s position is closely behind Coinbase, which also maintains a large BTC reserve. Block has emphasized Bitcoin integration in both its payment systems and mining efforts. Its subsidiaries, TBD and Spiral, focus on blockchain infrastructure and ecosystem development.
Fintech Company Reported $22.3 Billion in 2024 Revenue
Block reported $22.3 billion in revenue in 2024, indicating its presence in the fintech market. The company offers services including Cash App and Square point of sale systems. Its inclusion in the S&P 500 strengthens the representation of crypto aligned firms within traditional finance benchmarks.
Block was co-founded by Jack Dorsey, who is active in supporting Bitcoin centric financial services. The company diversified outlook ranges consumer finance, merchant services, and crypto initiatives.
Final Overview of Block’s Index Inclusion and BTC Exposure
With Block Inc. replacing Hess Corp. in the S&P 500, the firm joins Coinbase in representing the crypto market. Its 8,584 BTC holding, substantial revenue, and infrastructure investments show its role in Bitcoin adoption. The July 23 index addition will place Block under increased scrutiny by institutional investors and broader financial markets.
