Block Inc., the fintech firm behind Cash App and Square, will officially replace Hess Corp. in the S&P 500 index before trading opens on July 23, as announced by S&P Dow Jones Indices following Chevron’s acquisition of Hess Barron’sMarketWatch.
🔹 Stock Jump & Investor Reaction
- Shares surged ~9–11% in after-hours trading after the news broke, reaching approximately $79–81 Stock Wave Insights+8Barron’s+8CoinLaw+8.
- This marks a second major change to the S&P this week—earlier, The Trade Desk also joined the index after its acquisition of Ansys Yahoo Finance+10MarketWatch+10Investopedia+10.
🧠 Why Block Made the Cut
- Block met all criteria for inclusion, including market cap above $18B, positive GAAP earnings over recent quarters, sufficient public float, and liquidity, as confirmed by VanEck’s Matthew Sigel Coinspeaker+9Cointelegraph+9Cryptopolitan+9.
- The company’s strategic move to earmark 10% of its monthly Bitcoin gross profit for continued BTC accumulation further sets it apart—it’s poised to be the first S&P 500 firm with a deliberate Bitcoin treasury strategy CryptoSlate+5Cointelegraph+5Cryptonews+5.
🌱 Broader Meaning for Fintech & Crypto
- Inclusion signals wider institutional acceptance of crypto-aligned business models, following Coinbase’s entry into the S&P earlier this year CoinLaw+1Barron’s+1.
- Analysts suggest S&P inclusion can pump further capital into Block via index funds, bolstering both its stock and Bitcoin holdings MarketWatch+7Investopedia+7CoinLaw+7.
✅ Bottom Line
Block’s entry into the S&P 500 is a milestone for both fintech and cryptocurrency: it underscores the firm’s maturity, financial viability, and market influence. As an official BTC-holding company in a benchmark index, Block helps elevate crypto’s visibility and legitimacy in mainstream financial markets.
