Block Soars as It Joins S&P 500, Boosting Bitcoin Exposure

Payments giant Block (NYSE: SQ) is set to join the S&P 500 index on July 23, replacing Hess Corp following its acquisition by Chevron. The news sparked a sharp 8.5% rise in Block's stock during after-hours trading, after closing Friday up nearly 3%.

Block, formerly Square, is widely known for its Cash App and Square payment services, as well as its deepening integration with Bitcoin. The company's addition to the S&P 500 means its shares will now be held by countless mutual funds and institutional portfolios tracking the benchmark index—automatically expanding its investor base.

Block’s inclusion also boosts indirect Bitcoin exposure for traditional finance, given the company’s crypto-forward strategy. Block holds 8,584 BTC on its balance sheet, ranking 11th among publicly traded firms by Bitcoin holdings, according to BitcoinTreasuries.net. Earlier this year, the company began testing real-time Bitcoin payments and plans to launch the feature broadly next year.

The market’s reaction mirrors the recent S&P 500 addition of Coinbase (NASDAQ: COIN), which saw a similar price rally. Coinbase recently hit an all-time high near $445, reflecting strong investor interest in crypto-aligned stocks.

Block’s S&P 500 debut marks another milestone in the mainstream acceptance of crypto-focused firms. It also further blurs the line between traditional equities and digital assets, as institutional investors now gain Bitcoin exposure via passive index investing. The move reflects growing confidence in both Block’s financial performance and its crypto strategy, underscoring the increasing overlap between fintech innovation and digital asset adoption.