Block joins S&P 500, bringing more Bitcoin exposure to equity index

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 & Poors 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 (BTC) 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.

Blocks share price. Source: Google FinanceS&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.

Teslas 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.