Bitcoin News Today: Block Inc Joins S&P 500 Following Strategic Shifts

Block Inc., co-founded by Jack Dorsey, is set to join the S&P 500 this week, marking a significant milestone for the fintech company. The company will be added to the benchmark equity index on Wednesday, July 23, replacing Hess Corp., which is exiting the index following its acquisition by Chevron.

Block's inclusion in the S&P 500 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 recording weaker-than-expected revenue and profit figures for Q4 2024. Dorsey stated that the restructuring would help improve strategic alignment, performance standards, and organizational 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, marking 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.

Block 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.

Block Inc.'s addition to the S&P 500 is seen as a barometer of the U.S. stock market and is expected to have a positive impact on its stock price. The company's inclusion in the index underscores the growing importance of fintech and cryptocurrency in the broader financial landscape. The company's focus on cryptocurrencies, particularly Bitcoin, has positioned it as a leader in the digital currency space. The company's addition to the index is expected to attract more investors and further solidify its position in the market.