Block Inc. to enter S&P 500 as Hess exits

Block Inc., the technology company founded by Jack Dorsey and formerly known as Square, will be included in the S&P 500 index starting Wednesday, July 23. The move follows official confirmation released Friday evening, after which the company's stock rose by 10% in after-hours trading.

Block operates several digital asset business units, including Bitkey, a self-custody Bitcoin wallet, and Proto, a suite of Bitcoin mining products and services. Last summer, the company began reinvesting 10% of its Bitcoin-related profits into BTC each month.

Founded in 2009 as Square, Block initially focused on financial services and mobile payments. In 2021, it rebranded to Block Inc., signaling a deeper commitment to blockchain technology and digital assets.

Block will replace Hess in the S&P 500 index, following Hess’s acquisition by Chevron.