Preview: "Block’s inclusion in the S&P 500 could indirectly increase equity investors’ exposure to Bitcoin and the asset’s mainstream acceptance."
Jack Dorsey’s technology company Block joined the Standard & Poor’s 500 (S&P 500) index on Wednesday, marking the third public company with Bitcoin holdings to join the global benchmark.
Block holds 8,584 Bitcoin
worth approximately $1 billion, according to BitcoinTreasuries.NET. That stash makes Block the 13th-largest corporate holder of BTC.
The company's shares on the NYSE exchange have jumped nearly 14% over the past five days since the company announced it would join the S&P 500.
The S&P 500 tracks 500 of the largest publicly listed US companies. Among the other index companies exposed to BTC are Tesla and Coinbase.
To be listed in the S&P 500, a company must have a market cap greater than $18 billion, a public float (a portion of the company’s outstanding shares that are available for trading) greater than 10%, and the most recent quarter’s earnings must be positive.
S&P 500 inclusions lead to more BTC exposure
The S&P 500 index accounted for $50 trillion in market capitalization as of the end of first quarter of 2025. By buying into an exchange-traded fund or other instrument that tracks the S&P 500, investors gain exposure to a wide variety of industries, including, now, crypto.
In a Wednesday X post, OnlyCalls wrote, “Institutional entrance solidifies BTC’s financial visibility. Expect more conservative entities to consider BTC as a viable treasury asset.”
Block is replacing Hess Corp, a US energy company that is dropping out after its $55 billion merger with energy conglomerate Chevron.
Related: Strategy launches Bitcoin stock pegged at $100 to increase treasury
Coinbase, Tesla stock performances
The other two companies with significant Bitcoin holdings that have landed in the S&P 500 are Coinbase and Tesla. Coinbase holds 9,267 BTC worth about $1.1 billion at time of publication. Tesla holds 11,509 BTC worth $1.4 billion.
Coinbase’s share price has risen 28.4% over the past month, according to Google Finance. That’s a steeper rise than the overall crypto market, which has jumped 23% in the past 30 days, according to CoinGecko.
Tesla’s share price has fallen 4.6% in the past month, though it may be linked less to the crypto market and more to its fundamentals and operations.
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