Block Inc. to Join S&P 500, Replacing Hess

Block Inc., led by Jack Dorsey and owner of Square and Cash App, is set to join the S&P 500 on July 23, replacing Hess Corp in the index. This milestone marks Block as the second major crypto-focused company, after Coinbase, to be included in the S&P 500. Block's significant Bitcoin holdings and its strategy of reinvesting Bitcoin profits signal its deep commitment to cryptocurrency integration. The company’s ecosystem features crypto payment terminals, self-custody wallets, and peer-to-peer transfers, highlighting its role in mainstreaming digital assets. The inclusion coincides with record highs in the crypto market and growing U.S. legislative clarity on digital assets. Block’s share price has surged on the news, reflecting increased investor confidence in crypto-exposed firms.