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Bitcoin exposure on Wall Street just took another major step forward. On July 18, Block Inc., a payments company with deep roots in the crypto sector, was added to the S&P 500 Index. The inclusion of Jack Dorsey’s firm—known for its alignment with Bitcoin—marks a significant moment for both traditional finance and the digital asset ecosystem.
Block Inc. replaced Hess Corporation in the index after Hess was acquired by Chevron. The official trading of Block’s stock as part of the index began on July 23, making it the third Bitcoin-related company to join the S&P 500 after Coinbase and Tesla.
This development has sparked renewed interest in Bitcoin-aligned firms on Wall Street, with speculation mounting about who could be next. All eyes are now on Strategy (formerly MicroStrategy), widely regarded as a pioneer in corporate Bitcoin treasuries.
A New Chapter for Bitcoin and the S&P 500
Block Inc., previously known as Square, was founded in 2009 by Jack Dorsey and Jim McKelvey. It started as a mobile payments solution to help small businesses process card transactions. Over the years, Block expanded its services to include peer-to-peer payment app Cash App, Square Capital for small business loans, and Square PoS for retail transactions.
In 2021, the company rebranded as Block Inc., signaling its pivot toward blockchain-powered solutions. With the creation of Spiral—an initiative supporting Bitcoin-based development—and TBD, which focuses on decentralized finance infrastructure, the firm has embedded crypto deeply into its operational model.
The company also committed to allocating 10% of its crypto-related revenue to acquiring Bitcoin, reinforcing its position as a pro-Bitcoin enterprise. As of July 2025, Block Inc. holds 8,584 BTC on its balance sheet.
Growing Bitcoin Representation in the S&P 500
Block’s inclusion is being viewed as a milestone for fintech innovation and as an indicator of growing Bitcoin acceptance within mainstream finance. It joins Coinbase, the crypto-native exchange platform that entered the index on May 19, 2025, and Tesla, which was added back in December 2020.
Among the three, Tesla currently holds the largest Bitcoin reserve—11,509 BTC—followed by Coinbase with 9,267 BTC and Block Inc. with 8,584 BTC.
Amrita Ahuja, Block’s Chief Operating Officer and Chief Financial Officer, expressed enthusiasm over the development, calling it a sign of the company’s long-term viability. “It’s not a finish line. It is a signal that what we’re building has staying power. Inclusion brings broader exposure,” she said.
What Comes Next: Will Strategy Join the Index?
The spotlight has now shifted to Strategy, formerly known as MicroStrategy, which could be the next BTC-aligned company to join the S&P 500. The firm has become a household name in crypto finance for its aggressive Bitcoin acquisition strategy, often using debt to fund its BTC purchases. As of mid-2025, Strategy owns the largest corporate Bitcoin treasury, with more than 200,000 BTC under management.
Experts believe Strategy’s inclusion would further solidify crypto’s growing role in U.S. equity markets. “Block Inc.’s S&P 500 inclusion signals TradFi’s growing trust in crypto-aligned companies and the steady adoption of blockchain-backed infrastructure,” noted Hank Huang, a senior analyst at Kronos Research.
If Strategy is added, it would increase the number of Bitcoin-aligned companies in the S&P 500 to four, offering institutional investors more diversified exposure to the digital asset sector via traditional equities.
Wall Street’s Gradual Embrace of Crypto
Despite regulatory challenges and past market volatility, the addition of crypto-aligned companies to the S&P 500 highlights a trend toward greater acceptance of blockchain technology and digital assets. The financial sector’s comfort with Bitcoin and its use in treasury management is no longer just a fringe experiment but a validated strategy among publicly traded firms.
Inclusion in the S&P 500 is not just symbolic. It opens up access to broader capital flows from institutional investors, many of whom are required to allocate funds to companies within the index. This also places Bitcoin-aligned firms in a position to influence broader financial conversations about asset allocation, macro risk hedging, and digital transformation.
Final Thoughts
Block Inc.’s entrance into the S&P 500 is more than a win for the company—it’s a signal that Bitcoin is finding a permanent place in the heart of Wall Street. The growing number of Bitcoin-holding firms in the index shows that traditional finance is warming up to digital assets not just as an investment class but as a core part of future business models.
As momentum builds, Strategy could soon follow Block’s lead and become the fourth Bitcoin-aligned company to enter the S&P 500. Such a move would further bridge the gap between traditional and digital finance, reinforcing the belief that crypto is here to stay.
