Block, Inc., Jack Dorsey’s fintech and payments firm, saw its shares jump nearly 9 percent in after-hours trading on Friday.
The surge followed the announcement that Block will replace Hess Corp. on the S&P 500 index.
This change will take effect before the market opens on Wednesday.
Investors cheered the news, especially those in the Bitcoin community, given Block’s growing crypto commitments.
As of the latest figures, Block holds 8,584 Bitcoin on its balance sheet.
That stash earned mention in filings with the Bitbo data service.
Crypto observers framed the S&P decision as a watershed moment for Bitcoin adoption.
One crypto-centric commentary account, WiseSummit, wrote:
“This is not just a headline.
It is trillions in passive flows inching closer to Bitcoin.”
Meanwhile, trader “cryptothedoggy” chimed in:
“Crypto roots + Fintech firepower = Wall Street’s new blueprint.”
In after-hours trade, Block’s stock (ticker: SQ) climbed about 8.49 percent, reaching $79, according to Google Finance.
Over the past month, the share price has risen approximately 14.5 percent.
To qualify for the S&P 500, companies must meet several criteria.
They need a market cap above $18 billion, a public float over 10 percent, and positive earnings both in the most recent quarter and cumulatively over the past four quarters under GAAP.
Block met those thresholds, following in the footsteps of Coinbase Global.
Coinbase, the first crypto-native firm to be added, joined the S&P a mere two months ago.
Analysts now speculate that more crypto-related companies could soon be included.
On Wednesday, following a market cap milestone for Michael Saylor’s Strategy fund, Jeff Walton of Strive Funds noted:
“It is the 11th day of Strategy qualifying for the S&P 500.”
Industry watchers had anticipated a Block upgrade for months.
Back in January, Matthew Sigel of VanEck suggested Block could enter the index thanks to its explicit Bitcoin strategy.
Extra fuel was added at Bitcoin 2025 in Las Vegas on May 27.
There, Block announced plans to enable Bitcoin payments via its Square arm.
The rollout begins later this year, with a full launch slated for 2026.
Customers using Square hardware will be able to pay in Bitcoin via the Lightning Network—an upgraded layer-2 protocol known for speed and low cost.
This feature was showcased in real time at the BTC Inc. merch store during the conference.
As Block takes its place in the S&P 500, the larger crypto narrative appears to be shifting.
From individual investors to institutional funds, the integration of Bitcoin into traditional finance seems closer than ever.
For now, Block stands at the forefront of that movement.