Key Takeaways
- S&P Dow Jones Indices announced Block will join the S&P 500, replacing Hess Corp on July 23.
- Block shares jumped over 10% in extended trading following the news, reflecting investor confidence in its long-term fundamentals.
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Block Inc. is set to join the S&P 500, replacing Hess Corp, according to an announcement from S&P Dow Jones Indices. The change will take effect before markets open on Wednesday, July 23.
Block shares rose more than 10% in extended trading Friday after the index addition was made public.
Formerly known as Square, Block was co-founded by Jack Dorsey and is best known for its suite of payment products including Cash App, Square point-of-sale systems, and its Bitcoin-related business segments. The company has positioned itself as a multi-faceted financial platform, catering to both retail users and merchants.
Block generated $22.3 billion in revenue in 2024 and remains one of the most crypto-integrated fintech companies. The firm holds Bitcoin on its balance sheet and has invested heavily in blockchain infrastructure via its TBD and Spiral initiatives.
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