Jack Dorsey’s Block to Join the S&P 500 Index Next Week

Published by

Steve Muchoki

July 19, 2025

Jack Dorsey’s Bitchat Messaging App Now on Apple App Store

Block Inc. (NYSE: XYZ), an American tech company founded by Jack Dorsey and best known for the creation of Cash App, will replace Hess Corp. (NYSE: HSE) in the S&P 500 index. The removal of the energy company was instituted after it was acquired by Chevron Corp. (NYSE: CVX).

Beginning on Wednesday, July 23, the XYZ stock will be included in the S&P 500 index. As a result, Block Inc., will join Coinbase Global Inc. (NASDAQ: COIN), which joined the index in mid May 2025.

Jack Dorsey’s Block Introduces Bitcoin to Mainstream Institutional Investors

According to market aggregate data from BitcoinTreasuries, Block Inc., has held 8,585 Bitcoins, worth about $1.01 billion, since October 7 2020. The company purchased its Bitcoin trove at an average price of about $30,405, thus achieving a profit of nearly 300 percent.

The inclusion of the Block Inc. into the S&P 500 index will, therefore, play a crucial role in the mainstream adoption of BTC by institutional investors. Furthermore, the cryptocurrency market has received much needed legal clarity, especially after President Donald Trump signed into law the GENIUS Act.

Following the announcement, the XYZ stock market gained 10 percent in the after hours on Friday to trade about $79.49. The large-cap company, with a market valuation of about $43 billion, has seen its stock rally over 35 percent in the past three months.

The bullish sentiment of XYZ is partially influenced by the ongoing rally in Bitcoin fueled by mainstream adoption.

Trust with CoinPedia:

CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:

All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.