Bitcoin News Today: Block Inc. Joins S&P 500 Boosting Bitcoin Exposure

Block Inc., the financial technology company formerly known as Square, is set to join the S&P 500 index, effective before the market opens on July 23. This move will replace Hess Corporation in the index, marking a significant shift in the composition of the S&P 500. The inclusion of Block in the S&P 500 is expected to boost Bitcoin's exposure on Wall Street, as the company has been a strong advocate for cryptocurrencies and has integrated Bitcoin into its payment services.

The addition of Block to the S&P 500 index is a testament to the growing influence of technology companies in the financial sector. Block's inclusion in the index will provide investors with greater access to the company's stock, potentially increasing its market capitalization and liquidity. This move is also likely to attract more institutional investors to the cryptocurrency market, as Block's presence in the S&P 500 will lend credibility to the use of Bitcoin as a legitimate investment asset.

Block Inc. has held Bitcoin on its balance sheet since October 2020. 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.

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.

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.