Block, led by Jack Dorsey, will join the S&P 500: another encryption technology company promoted to blue-chip.

Block Inc., co-founded by Jack Dorsey, has confirmed that it will join the S&P 500 index on July 23, becoming the second crypto tech company to be included in this benchmark index after major CEXs. This marks a further increase in the recognition of blockchain companies by the TradFi market and reflects Block's strong growth trend after its transformation and restructuring.

Block replaces Hess Corp. in the S&P 500 Block Inc. will officially replace Hess Corporation in the S&P 500 this Wednesday (July 23), as the latter exits the index due to its acquisition by Chevron. Following the announcement, Block's stock price rose 10% in after-hours trading, reflecting the market's positive response to its inclusion in the S&P 500.

According to the S&P standards, companies must meet conditions such as market capitalization, profitability, liquidity, and trading volume to be included in the index. The addition of Block not only reflects its rise in market capitalization and business scale but also indicates that its post-transformation business strategy has gained market recognition.

Reorganization optimization promotes Block development Earlier this year, Block laid off about 8% of its workforce due to revenue and profit expectations falling short for the fourth quarter of 2024. At that time, Dorsey stated that this restructuring would help improve strategic alignment, performance standards, and organizational efficiency, as the company closed 748 non-critical positions, retaining only core operational roles.

Being included in the S&P 500 marks the rise of Block from the stage of layoffs and restructuring to business maturity and recognition in the capital market.

Continuation of encryption companies joining the S&P 500 trend Before Block, the major CEX in the United States became the first encryption company to be included in the S&P 500 in May 2025. Now, with Block being the second representative in the encryption field to be selected, it indicates a profound shift in the mainstream financial market's attitude towards blockchain enterprises, and companies in the encryption asset sector are gradually gaining "blue chip" status.

From Square to Block: Fully Embracing the Blockchain Ecosystem Block was formerly known as Square, a payment company founded in 2009, initially providing mobile payment and financial tools for small and medium-sized enterprises. In December 2021, the company changed its name to Block, reflecting its strategic direction towards expanding into Blockchain and digital asset infrastructure.

Block has multiple brand businesses under its umbrella, including Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey. Each business line collectively supports its mission to "expand the accessibility of financial tools and digital services."

Bitcoin deeply embedded core product line Block's layout in the Bitcoin ecosystem is becoming increasingly profound. Cash App allows users to buy, sell, and transfer Bitcoin; Bitkey is a self-custody wallet for individuals specifically designed for Bitcoin; the Proto department focuses on the development of mining hardware and infrastructure.

In addition, Block is one of the largest publicly traded companies holding Bitcoin globally, with a balance of 8,584 BTC, valued at approximately $1 billion based on current prices. The company has adopted a strategy of reinvesting 10% of the gross profit from Bitcoin-related business back into Bitcoin each month, and this strategy has been open-sourced in the form of a "Bitcoin Treasury Standard."

Conclusion: Block has successfully joined the S&P 500, which not only affirms its own business model and strategic transformation but also symbolizes the gradual integration of Blockchain enterprises into the mainstream financial system. With the successive inclusion of CEX and Block, the fusion of the digital asset industry with the TradFi market will continue to deepen.