Jack Dorsey’s Block surges 10% as it joins the S&P 500 index

Block Inc., the fintech company formerly known as Square, co-founded by Jack Dorsey is set to join the S&P 500 index, marking a major milestone in its evolution from a payments startup to a cornerstone of mainstream finance. The company will replace Hess Corp., which is being acquired by Chevron in a $53 billion deal, and the change will officially take effect before markets open on Wednesday, July 23, 2025.

Following the announcement, Block’s stock surged in after-hours trading, rising by as much as 11%. The market response reflects growing investor confidence in Block’s long-term viability and its increasingly influential role in the financial sector. Analysts note that inclusion in the S&P 500 often boosts visibility and liquidity, as index-tracking funds and institutional investors typically increase their holdings in newly added companies.

Block’s inclusion comes after a year of speculation and anticipation. The company had been under consideration since early 2024, when it began meeting the S&P 500’s eligibility requirements, including maintaining a market capitalization above $22.7 billion and demonstrating consistent profitability. The move is also seen as symbolic of the rising integration of digital assets and blockchain technology into the traditional financial system. Block, which operates Cash App and has built out a robust Bitcoin infrastructure, represents the convergence of fintech and crypto in a way few publicly traded companies have.

The S&P committee’s decision to include Block over other contenders like Robinhood or AppLovin underscores its strategic discretion and the broader institutional embrace of digital finance. Block’s entry into the index not only affirms its financial strength but also highlights a turning point in the mainstream acceptance of crypto-aligned companies.