Jack Dorsey’s Block is Having a Moment

The fintech firm behind Square, Cash App, and a growing crypto empire just hit a massive milestone; it is officially joining the S&P 500 index, the holy grail of U.S. stock listings.

And investors? Of course, they’re hyped.

On Monday, July 21st, 2025 , Block’s shares jumped nearly 10% pre-market after the announcement. Why? Because once a company joins the S&P 500, all the index-tracking funds (we’re talking trillions in assets) are required to buy in. More demand basically means a higher stock price.

J.P. Morgan estimates that Block could see over 54 million shares bought just from index funds alone. That’s no small feat for a stock that’s been struggling in 2025.

Block’s journey is a legend in the fintech industry. It was founded in 2009 by Jack Dorsey as Square. Then rebranded to Block in 2021 to reflect a bigger mission; blockchain, crypto, and decentralized finance.

Block is now worth nearly $45 billion, replacing oil giant Hess Corp in the S&P 500.

Yes, you read that right, a crypto-forward fintech firm just kicked out Big Oil.

Block’s rise shows that fintechs are becoming more than a side hustle. They are going mainstream. From point-of-sale systems and Cash App’s peer-to-peer payments to Bitcoin services and stablecoin innovation, Block is playing in all the right arenas.

And it is perfectly timed: Just last week, President Trump signed a law regulating dollar-pegged stablecoins, giving crypto payments a clearer legal lane in the U.S.

Block sits right at that intersection of traditional finance and digital assets. And now, with the S&P 500 spotlight, expect more institutional investors (read: big money) to pay attention.

Yup. Despite the July 21st surge, Block’s shares were down 14% year-to-date before this news, even as the S&P 500 climbed about 7%. But joining the index could mark a turnaround point, especially with analysts bullish on its product innovation and marketing momentum.