Block Inc., the fintech company founded by Twitter co-creator Jack Dorsey, is set to join the prestigious S&P 500 index on July 23.
The announcement, confirmed by S&P Dow Jones Indices on July 18, reveals that Block will replace Hess Corporation, which was recently acquired by Chevron.
Block Becomes Second Crypto-Aligned Firm in S&P 500 After Coinbase
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Originally launched as Square in 2009, Block began as a payment services provider before investing in Bitcoin infrastructure.
Through Cash App and its corporate treasury, the firm has seamlessly integrated cryptocurrency into its offerings, positioning itself as a key player in the emerging financial space.
The company’s inclusion in the S&P 500 reflects its ability to meet the index’s stringent criteria. These include sustained profitability, significant market capitalization, and strong liquidity.
The S&P 500 is viewed globally as a barometer of economic strength, and its constituents are often favored by institutional investors seeking long-term value.
This development marks a significant milestone for cryptocurrency-aligned companies in traditional finance.
With Block’s entry, it becomes the second crypto-focused company to join the index, following Coinbase, the largest US-based crypto exchange.
Notably, Block’s addition also brings the total number of S&P 500 companies with direct Bitcoin exposure to three, joining Coinbase and Tesla.
“Strategy’s S&P 500 inclusion (when it happens) will be the single greatest catalyst for mass corporate Bitcoin adoption this cycle,” Ben Pham, the chief financial officer of asset management firm, Strive, said.
The move comes at a time when the crypto market is experiencing renewed optimism. The approval of new pro-crypto laws like the GENIUS and CLARITY Act in the US is fueling this renewed sentiment.
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Additionally, Bitcoin and Ethereum prices rose to new highs during the past week. The surge came amid stronger institutional interest in the emerging sector.
Market analysts anticipate that these developments will further accelerate the mainstream adoption of cryptocurrency. They also believe this could increase the likelihood of other crypto-focused companies entering high-profile indexes like the S&P 500.
Given this momentum, speculation is growing that other crypto-heavy firms like Strategy (formerly MicroStrategy) could join the index next. Led by Michael Saylor, Strategy holds over 600,000 BTC, making it the largest public holder of Bitcoin.
source: https://beincrypto.com