- Block will join the S&P 500, replacing oil producer Hess.
- Coinbase joined the index in June.
- Passive investors will gain indirect exposure to crypto through Block and Coinbase stocks.
For traditional investors, having some crypto exposure is quickly becoming the default, even if they’ve never sought it out.
In the latest example, Block is set to join the S&P 500 this month. The Friday announcement triggered a 10% rally in after-hours trading, sending shares to the $79 level.
The Jack Dorsey-founded fintech will replace Hess in the benchmark before markets open on July 23, according to S&P Global.
Its inclusion comes amid a sweeping rally across the sector.
Crypto’s total market cap surged past $4 trillion on Friday for the first time ever, following the passage of the Clarity and Genius Acts and fresh reports that President Donald Trump plans to allow Americans to hold crypto directly in their 401(k)s.
Stocks tied to the space — Coinbase, Circle, and Strategy — also jumped as capital rotated back into risk.
“The ‘all at once’ phase is beginning,” said Ava Labs CEO Emin Gün Sirer.
Block joins Coinbase, which became the best-performing S&P 500 stock last month after rallying 43%.
With both firms now in the benchmark, passive investors tracking the index are gaining crypto exposure in the background, whether they want it or not.
Despite being down 14% this year, Block’s $45 billion market cap places it well above the index median.
The company will report Q2 earnings on August 7, after previously citing macroeconomic uncertainty tied to Trump-era tariffs.
Crypto market movers
- Bitcoin has lost 0.8% over the past 24 hours and is trading at $118,280.
- Ethereum is down 1.7% in the same period to $3,560
What we’re reading
- Gavin Wood’s Polkadot revamp features a stablecoin, belt-tightening, and a ‘womb room’ — DL News
- BlackRock Seeks to Add Staking to iShares Ethereum ETF — Unchained
- Trump signs stablecoin law as crypto industry aims for mainstream adoption — Reuters
- ETH supply crunch: incoming? — Milk Road
- Robert Leshner takes investors on ‘crazy ride’ that ends with a new crypto treasury company and heavy losses — DL News
Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.
