Block (previously Square) becomes the second publicly listed crypto company to join the S&P 500, replacing Chevron.
Square, Cash App, Afterpay, TIDAL, Proto, and Bitkey are all under the Block Inc. entity.
Why this matters
All ETF providers — think Vanguard, BlackRock, Charles Schwab, JPMorgan Chase, VanEck, iShares, Fidelity — will add Block equity to their ETFs that represent the S&P 500.
This means that your normal ETF holdings in your investment accounts, IRAs, and 401Ks now have exposure to crypto indirectly.
Context
This follows Coinbase's historic inclusion in the S&P 500 earlier this year — the first publicly listed crypto company to join the index. Block's inclusion cements the idea that crypto-native companies are now mainstream financial institutions that belong in benchmark indices.
When large companies get added to the S&P 500, every passive investor in the world gets exposure to them automatically. That's a structural tailwind for the broader crypto industry.