Jack Dorsey’s tech firm, Block, has officially joined the S&P 500 index, becoming the third Bitcoin-holding company to be included in the prominent U.S. stock benchmark.
As of now, Block owns 8,584 BTC, valued at around $1 billion, placing it as the 13th-largest corporate holder of Bitcoin, per BitcoinTreasuries.NET. The company’s shares on the New York Stock Exchange have surged nearly 14% in the past week, following the announcement of its S&P 500 inclusion.
The S&P 500 tracks the performance of 500 major U.S. publicly traded companies and serves as a key indicator of the broader equity market. Other companies in the index with direct Bitcoin exposure include Tesla and Coinbase.
To qualify for the index, a firm must meet specific criteria such as a market capitalization above $18 billion, a public float of at least 10%, and positive earnings in its latest quarter.
Bitcoin’s Reach Grows Through Major Equity Index
At the close of Q1 2025, the S&P 500 represented around $50 trillion in total market cap. With Block now in the mix, investors in S&P 500-tracking ETFs and funds are indirectly gaining exposure to Bitcoin.
A post on X (formerly Twitter) from OnlyCalls highlighted the growing trend of institutional Bitcoin adoption, saying:
“BTC’s visibility in traditional finance strengthens. Expect more conservative players to explore it as a treasury option.”
Block takes over the S&P 500 spot previously held by Hess Corp, which is exiting the index following its $55 billion acquisition by energy giant Chevron.
How Tesla and Coinbase Are Performing
The other two Bitcoin-heavy firms in the index, Tesla and Coinbase, also hold sizable BTC reserves. Coinbase owns 9,267 BTC (valued at approx. $1.1 billion), while Tesla holds 11,509 BTC (worth around $1.4 billion).
Over the past 30 days, Coinbase stock has climbed 28.4%, outpacing the broader crypto market’s 23% gain, per CoinGecko. Tesla, meanwhile, has seen its shares dip 4.6%, likely due to factors beyond crypto, such as company-specific fundamentals.
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