Jack Dorsey is back in the spotlight. His company, Block Inc., is officially set to join the S&P 500 index. This is a big deal. It shows how digital payments and crypto are now part of the financial mainstream.
Block will replace Hess Corp. in the index. This change comes after Chevron’s $53 billion deal to buy Hess. The update will take effect before trading begins on July 23, as announced by S&P Dow Jones Indices.
In after-hours trading, Block shares jumped as much as 14%. That’s no surprise. Joining the S&P 500 often brings more attention from big investors.
From Payments to Full-On Banking
Block, once called Square, started as a simple payment service. But under Jack Dorsey, it has grown fast. Now it offers peer-to-peer transfers, tools for small businesses, and lending options for everyday users.
The main focus today? Cash App.
Block wants to turn Cash App into a full banking and lending platform. This means users won’t just send and receive money. They’ll also be able to borrow, spend, and manage their finances — all in one place.
Earlier this year, the company got approval from the US FDIC to start offering consumer loans directly. The product, called Cash App Borrow, is now ready to grow.
Jack Dorsey Is Still Betting on Bitcoin
Jack Dorsey has always believed in Bitcoin. And now he’s backing that up with real action.
Block is adding Bitcoin payment features to its Square terminals. That means merchants using Square can now accept Bitcoin as payment. Dorsey is also sharing open-source Bitcoin code on X (formerly Twitter), pushing the crypto cause forward.
He’s not just running a company. He’s shaping a new way of doing money.
Being part of the S&P 500 is not just about status. It’s also about money. Big index funds that track the S&P 500 will now buy Block shares. That means more investors, more visibility, and possibly more growth.
While Block has had mixed earnings, this S&P boost could give it the lift it needs.
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