Block Replaces Oil Giant in S&P 500 — Crypto Is Taking Over Wall Street
On July 23, 2025, Jack Dorsey’s fintech company, Block, joined the S&P 500, replacing Hess Corp., which Chevron acquired on July 18, 2025. The acquisition announcement led to Block’s inclusion in the iconic index of 500 major companies in the United States, proof of its growing prominence.
Together with Coinbase Global—added in mid-May 2025—and Tesla, the company becomes the third S&P 500 company with major cryptocurrency exposure, showing digital assets’ increasing integration into traditional markets.
Other companies that joined the index this month are The Trade Desk and Datadog, in a direction of fintech and technology representation.
Formerly Square, the company rebranded in December 2021 to focus on blockchain technology. Its S&P 500 entry is expected to benefit from increased exposure and index fund inflows, boosting visibility.
The addition solidifies the company’s role as a leader in financial innovation, especially through its Bitcoin-focused strategy, which is expected to attract significant investor interest.
Block’s Bitcoin Portfolio Boosts S&P 500’s Digital Asset Reach
Block holds 8,584 Bitcoin, valued at approximately $1 billion according to Bitcoin Treasuries, making the company the 13th-largest corporate Bitcoin holder globally.
Block’s Bitcoin Holdings (Source: Bitcoin Treasuries)
The company kicked off its Bitcoin holdings with a $50 million purchase of 4,709 BTC in October 2020 and a $170 million purchase of 3,318 BTC in February 2021. Block has since adopted a dollar-cost averaging approach, allocating 10% of monthly gross profits from Bitcoin products to BTC purchases, including 122 BTC in December 2024 and 152 BTC in September 2024.
As of March 31, 2024, its 8,038 BTC represented 9% of its cash, cash equivalents, and marketable securities.
Beyond its treasury, the company integrates Bitcoin into its ecosystem through Cash App, which supports Bitcoin transactions, and Bitkey, a self-custody wallet. The company also plans to incorporate the Lightning Network by 2026 to further its push for crypto adoption.
As the third S&P 500 company with Bitcoin exposure—following Strategy and Tesla—Block strengthens the index’s connection to digital assets, giving investors indirect exposure to Bitcoin’s market dynamics.
