Block, founded by Jack Dorsey, has recently joined the S&P 500, highlighting the growing interest in Bitcoin among public companies.
Block's Entry into the S&P 500
Block has joined the S&P 500 index, becoming the third public company with Bitcoin holdings. Currently, Block holds 8,584 Bitcoin, valued at approximately $1 billion, making it the 13th largest corporate holder of BTC. Following this announcement, the company's shares on the NYSE surged nearly 14% over the past five days.
Impact on the Bitcoin Market
As of the end of the first quarter of 2025, the S&P 500 index accounted for $50 trillion in market capitalization. Block's inclusion may lead to increased visibility for Bitcoin in financial markets, encouraging more conservative investors. One social media expert noted that "institutional entrance solidifies BTC's financial visibility."
Comparison with Other Companies
Other companies with Bitcoin holdings in the S&P 500 include Coinbase and Tesla. Coinbase holds 9,267 BTC worth about $1.1 billion, while Tesla has 11,509 BTC valued at around $1.4 billion. Despite a 4.6% decline in Tesla's shares over the past month, Coinbase's stock has risen 28.4%, significantly outpacing the overall cryptocurrency market.
Block's entry into the S&P 500 underscores the changing landscape of financial markets where Bitcoin is becoming an increasingly common asset for major companies. This may signify a rising interest in cryptocurrencies among institutional investors.
