Bitcoin News Today: Block Shares Surge 9% After S&P 500 Inclusion

Block, Inc., the fintech and payments firm led by Jack Dorsey, experienced a significant surge in its share price, jumping nearly 9 percent in after-hours trading on Friday. This increase followed the announcement that Block would replace Hess Corp. on the S&P 500 index, effective before the market opens on Wednesday. Investors, particularly those in the Bitcoin community, welcomed the news, given Block's growing commitments to cryptocurrency.

Block currently holds 8,584 Bitcoin on its balance sheet, a figure mentioned in filings with the Bitbo data service. Crypto observers viewed the S&P decision as a pivotal moment for Bitcoin adoption. One crypto-centric commentary account, WiseSummit, noted, “This is not just a headline. It is trillions in passive flows inching closer to Bitcoin.” Another trader, cryptothedoggy, commented, “Crypto roots + Fintech firepower = Wall Street’s new blueprint.”

To qualify for the S&P 500, companies must meet several criteria, including a market cap above $18 billion, a public float over 10 percent, and positive earnings both in the most recent quarter and cumulatively over the past four quarters under GAAP. Block met these thresholds, following in the footsteps of Coinbase Global, which joined the S&P 500 two months ago. Analysts now speculate that more crypto-related companies could soon be included in the index.

Industry watchers had anticipated a Block upgrade for months. In January, Matthew Sigel of VanEck suggested Block could enter the index thanks to its explicit Bitcoin strategy. Extra fuel was added at Bitcoin 2025 in Las Vegas on May 27, where Block announced plans to enable Bitcoin payments via its Square arm. The rollout begins later this year, with a full launch slated for 2026. Customers using Square hardware will be able to pay in Bitcoin via the Lightning Network, an upgraded layer-2 protocol known for speed and low cost. This feature was showcased in real time at the BTC Inc. merch store during the conference.

As Block takes its place in the S&P 500, the larger crypto narrative appears to be shifting. From individual investors to institutional funds, the integration of Bitcoin into traditional finance seems closer than ever. For now, Block stands at the forefront of that movement. The company's strategic investments in Bitcoin and other digital assets have positioned it as a leader in the rapidly evolving fintech landscape. The inclusion in the S&P 500 index is expected to attract more institutional investors, further boosting Block's market presence and liquidity.