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Block Inc (XYZ) shares surged more than 9% in pre-market trading as Jack Dorsey’s Bitcoin-focused fintech prepares to join the S&P 500 index this week.
The stock hit $79.26 on Robinhood as of 3:21 a.m. EST and is up over 22% in the past week, boosted by investor optimism following the S&P announcement.
Block Inc To Join Coinbase In The S&P 500
Originally founded as Square in 2009, the company pivoted from being mainly a payment services and mobile payment solutions provider to focus more on blockchain, rebranding to Block Inc in December 2021.
Now, Block Inc will replace US energy company Hess Corp in the S&P 500, upon its acquisition by Chevron.
It will also become the second crypto-orientated company to join the benchmark index in recent weeks, and comes roughly two months after leading US crypto exchange Coinbase entered the S&P 500.
$BTC dominance slips to 59.8% as altcoins gain momentum.
🇯🇵 Japan’s election shock boosts push to cut crypto tax from 55% to 20%, unlocking $20T in savings.
Meanwhile, Jack Dorsey’s Block Inc joins the S&P 500 — a milestone for $BTC-native firms.#Bitcoin #Crypto #Altcoins… pic.twitter.com/oVbISVbccI
— Wise Crypto (@WiseCrypto_) July 21, 2025
Block Inc Among The Largest Corporate Bitcoin Holders
As part of its commitment to blockchain and digital assets, the company announced last year that it will begin investing 10% of its Bitcoin profits each month into BTC.
So far, the company has acquired 8,584 BTC through this strategy, ranking it as the 11th biggest corporate Bitcoin holder, data from Bitcoin Treasuries shows.
With BTC trading at $119,449.64 as of 7:40 a.m. EST, the company’s total holdings equate to over $1.025 billion.
Ranked at number 10 is fellow S&P 500 firm Coinbase, with its holdings of 9,267 BTC.
Block Inc has also open-sourced its treasury blueprint that other companies looking to add Bitcoin to their balance sheets can follow.
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