Crypto Pushes Deeper Into S&P 500 as Block Follows Coinbase Into Index
Block Inc. will join the S&P 500 this week, replacing Hess Corp, which is being acquired by Chevron. This marks Block as the second crypto-facing firm added to the index, following Coinbase's inclusion in May. The S&P 500 includes 500 of the largest U.S. publicly traded companies, and firms must meet specific criteria for inclusion. Block integrates Bitcoin into its fintech ecosystem and is among the top ten public companies holding Bitcoin, with over 8,500 BTC on its balance sheet. The company's inclusion reflects a growing acceptance of crypto firms in traditional finance, supported by recent regulatory developments like the GENIUS Act. Block has developed Bitcoin purchasing capabilities through Cash App, launched a self-custody wallet, and funds open-source Bitcoin development. Its strategy includes allocating 10% of gross profit from Bitcoin products into Bitcoin monthly, aligning with its mission of global economic empowerment.
