Story Highlights

• Block Inc will join Coinbase Global in the S&P 500 Index.
• Institutional investors see significant growth potential in the crypto industry, driven by clear regulatory frameworks.
• Block Inc. holds around 8,584 Bitcoins, valued at over $1 billion, on its balance sheet.

Block Inc. (NYSE: XYZ), an American tech company founded by Jack Dorsey and known for Cash App, will replace Hess Corp. (NYSE: HSE) in the S&P 500 index. The energy company’s removal follows its acquisition by Chevron Corp. (NYSE: CVX).

Starting Wednesday, July 23, XYZ stock will be included in the S&P 500 index, joining Coinbase Global Inc. (NASDAQ: COIN), which entered the index in mid-May 2025.

Jack Dorsey’s Block Introduces Bitcoin to Mainstream Institutional Investors

According to BitcoinTreasuries’ market data, Block Inc. has held 8,585 Bitcoins, worth about $1.01 billion, since October 7, 2020. The company purchased these Bitcoins at an average price of around $30,405, marking a nearly 300 percent profit.

Block Inc.’s inclusion in the S&P 500 index will significantly contribute to mainstream adoption of Bitcoin (BTC) by institutional investors. The cryptocurrency market has also gained necessary legal clarity after President Donald Trump signed the GENIUS Act into law.

Following the announcement, XYZ stock rose 10 percent after hours on Friday, trading around $79.49. This large-cap company, valued at about $43 billion, has seen its stock increase over 35 percent in the past three months, buoyed by positive sentiment and Bitcoin’s ongoing rally fueled by mainstream acceptance.