Jack Dorsey’s tech firm Block joined the S&P 500 index on Wednesday, marking its third involvement with Bitcoin holdings as a public company.
Block currently possesses around $1 billion worth of 8,584 Bitcoins (BTC). It’s interesting to note that this makes it the 13th largest corporate holder of BTC.
Since announcing its entry into the S&P 500, Block’s shares on the NYSE have increased by nearly 14% in just five days.
The S&P 500 features 500 of the biggest publicly traded companies in the US. Notably, other members exposed to BTC include Tesla and Coinbase.
To qualify for S&P 500 inclusion, companies need a market capitalization exceeding $18 billion, a public float greater than 10%, and they must report positive revenue for their latest quarter.
S&P 500 inclusion amplifies BTC exposure
As of the end of the first quarter of 2025, the S&P 500 Index represents a market cap of $50 trillion. This makes it easier for investors to gain exposure to various sectors, including cryptocurrency, through exchange-traded funds or similar financial instruments.
In a recent post, one comment highlighted that “the institutional entrance will solidify the financial awareness of BTC. More conservative firms might start to view it as a legitimate financial asset.”
Block is set to replace Chevron and Hess, the latter having exited following a $55 billion merger.
Performance of Coinbase and Tesla stocks
Coinbase and Tesla are also significant players on the S&P 500, holding notable Bitcoin reserves. Coinbase has about 9,267 BTC, valued around $1.1 billion at this time, while Tesla owns 11,509 BTC worth approximately $1.4 billion.
Over the past month, Coinbase’s stock price has surged by 28.4%, outpacing the broader crypto market, which saw a 23% increase within the same timeframe, according to Google Finance and Coingecko.
Meanwhile, Tesla’s stock price has decreased by 4.6% over the past month. This decline might be connected to its fundamentals and operations, rather than crypto market influences.
