杰克·多尔西旗下的Block Inc.于周三纳入备受瞩目的标普500指数，这一极具象征意义的里程碑，让这家涉足移动银行、比特币挖矿等诸多领域的数字金融公司成为华尔街的焦点。
对于这家助力开创移动支付先河的公司而言，如今真正的考验在于将宏伟愿景转化为驱动盈利的执行力：将Cash App的庞大用户群体转化为正式的银行客户，扩展Square的产品矩阵，并在竞争激烈的比特币挖矿领域展开角逐。
此次纳入指数将带来被动基金的即时资金流入，并重新吸引投资者关注。消息公布后的周一，Block股价上涨7%，缓解了这家总部位于奥克兰的公司今年上半年的股价颓势——因市场对其盈利前景存忧，股价跌幅达22%。周三早盘交易时段，Block股价在79美元上下浮动。分析师提醒道，纳入指数并不能让公司避开业绩压力，若要实现与成长型科技公司相符的股票估值，就必须拿出实实在在的业绩。
“从时机角度来看，Block股票纳入标普500指数对公司而言极其有利，”Benchmark公司高级分析师马克·帕尔默（Mark Palmer）表示，他给予该股持有评级。“不过，这种初步提振能否持续，将取决于公司能否在执行层面达成目标。”
卖方市场整体情绪仍偏乐观，但对其核心业务能否持续扩张的担忧依然存在。拥有5700万活跃用户的Cash App正从点对点支付应用转型为全方位银行服务平台。随着银行业务拓展，Cash App直接与贝宝（PayPal Holdings Inc.）旗下的Venmo以及数字优先型竞争对手如Chime Financial展开竞争。当前发展重点已从用户增长转向通过贷款等服务从现有客户群体中实现盈利。
Block代表拒绝置评。
Square（Block的原有业务，专注于为中小型企业提供支付服务）正努力向高端市场进军，面临来自费哲金融服务公司（Fiserv Inc.）旗下的Clover以及专注于餐饮行业的竞争对手Toast Inc.的竞争。在加密货币领域，Block正助力Square业务所服务的企业接受比特币支付，提供名为Bitkey的自托管钱包，并凭借其比特币挖矿产品及服务套件Proto，进入长期由中国比特大陆（Bitmain）主导的硬件市场。
“我们真正关注的是其两大核心业务板块的基本面状况以及扭亏为盈的故事，而非因纳入指数带来的短期交易热潮。”Evercore ISI高级董事总经理亚当·弗里施（Adam Frisch）表示。他给予该股跑赢大盘评级，目标价为85美元，而周二收盘价为79美元。他补充道，Cash App平均每位活跃会员产生的收入约为110美元，而Chime约为245美元。“这一差距对Cash App而言意味着巨大机遇。”
人们再度将目光聚焦于多尔西多年前就笃定坚持的比特币愿景——这一愿景此前在很大程度上被市场忽视，而今，或许终于迎来了迟到的认可。Block从2020年开始购入比特币，目前公司金库持有8584枚比特币，按当前价格计算，价值超10亿美元。该公司每月将比特币产品毛利润的10%用于为资产负债表增持更多加密货币——这种金库策略在加密货币初创公司中较为常见，但在上市公司中则较为罕见。
“杰克是比特币的终极拥护者，但他并未因早早入局而获得相应的乘数效应，”瑞穗证券（Mizuho Securities）高级分析师丹·多列夫（Dan Dolev）表示。“他是比特币的代名词，且是首批在Cash App上提供比特币分拆购买服务的人之一。”
这种关注或许只是时间问题，而非是否会关注的问题。上周比特币创下新高，吸引了众多持有加密货币的公司的新一轮关注，这些公司目前在股市中享有相当高的溢价。
Block的战略布局愈发呈现出基础设施投资的特征，而非投机性敞口。该公司正通过Proto大力进军硬件领域，并计划在2025年下半年推出自有比特币挖矿芯片及系统，旨在向中国现有企业发起挑战，同时面向工业级和小型挖矿群体销售产品。
今年早些时候，在一场行业会议上，多尔西表示：“我们坐拥规模庞大的客户群体，涵盖大型企业和小型利基市场客户。对我们而言，这无疑是巨大的市场，也是公司未来发展的关键组成部分。”
然而，众所周知，挖矿业务的盈利能力难以维持。随着比特币价格上涨，网络难度和能源成本也同步攀升。这种动态变化往往在需求达到峰值时削弱回报，使得挖矿成为一个颇具挑战性的行业。
Benchmark的帕尔默表示：“令人惋惜的是，志同道合的投资者数量过多，从盈利角度来看，这才是真正的问题所在。”
多尔西仍在建设比特币基础设施，并推进实验性项目，如开源人工智能代理框架Goose。但就目前而言，投资者信心取决于核心业务。倘若Cash App和Square能够达成预期目标，市场或许终会认可Block的比特币战略，将其视为战略愿景，而非投机性副业。
“比特币、持仓及收益目前被大多数投资者低估，”Evercore的弗里施指出。“当前投资者更关注核心业务部门而非比特币相关举措。” （*）
译者：中慧言-王芳
杰克·多尔西旗下的Block Inc.于周三纳入备受瞩目的标普500指数，这一极具象征意义的里程碑，让这家涉足移动银行、比特币挖矿等诸多领域的数字金融公司成为华尔街的焦点。
对于这家助力开创移动支付先河的公司而言，如今真正的考验在于将宏伟愿景转化为驱动盈利的执行力：将Cash App的庞大用户群体转化为正式的银行客户，扩展Square的产品矩阵，并在竞争激烈的比特币挖矿领域展开角逐。
此次纳入指数将带来被动基金的即时资金流入，并重新吸引投资者关注。消息公布后的周一，Block股价上涨7%，缓解了这家总部位于奥克兰的公司今年上半年的股价颓势——因市场对其盈利前景存忧，股价跌幅达22%。周三早盘交易时段，Block股价在79美元上下浮动。分析师提醒道，纳入指数并不能让公司避开业绩压力，若要实现与成长型科技公司相符的股票估值，就必须拿出实实在在的业绩。
“从时机角度来看，Block股票纳入标普500指数对公司而言极其有利，”Benchmark公司高级分析师马克·帕尔默（Mark Palmer）表示，他给予该股持有评级。“不过，这种初步提振能否持续，将取决于公司能否在执行层面达成目标。”
卖方市场整体情绪仍偏乐观，但对其核心业务能否持续扩张的担忧依然存在。拥有5700万活跃用户的Cash App正从点对点支付应用转型为全方位银行服务平台。随着银行业务拓展，Cash App直接与贝宝（PayPal Holdings Inc.）旗下的Venmo以及数字优先型竞争对手如Chime Financial展开竞争。当前发展重点已从用户增长转向通过贷款等服务从现有客户群体中实现盈利。
Block代表拒绝置评。
Square（Block的原有业务，专注于为中小型企业提供支付服务）正努力向高端市场进军，面临来自费哲金融服务公司（Fiserv Inc.）旗下的Clover以及专注于餐饮行业的竞争对手Toast Inc.的竞争。在加密货币领域，Block正助力Square业务所服务的企业接受比特币支付，提供名为Bitkey的自托管钱包，并凭借其比特币挖矿产品及服务套件Proto，进入长期由中国比特大陆（Bitmain）主导的硬件市场。
“我们真正关注的是其两大核心业务板块的基本面状况以及扭亏为盈的故事，而非因纳入指数带来的短期交易热潮。”Evercore ISI高级董事总经理亚当·弗里施（Adam Frisch）表示。他给予该股跑赢大盘评级，目标价为85美元，而周二收盘价为79美元。他补充道，Cash App平均每位活跃会员产生的收入约为110美元，而Chime约为245美元。“这一差距对Cash App而言意味着巨大机遇。”
人们再度将目光聚焦于多尔西多年前就笃定坚持的比特币愿景——这一愿景此前在很大程度上被市场忽视，而今，或许终于迎来了迟到的认可。Block从2020年开始购入比特币，目前公司金库持有8584枚比特币，按当前价格计算，价值超10亿美元。该公司每月将比特币产品毛利润的10%用于为资产负债表增持更多加密货币——这种金库策略在加密货币初创公司中较为常见，但在上市公司中则较为罕见。
“杰克是比特币的终极拥护者，但他并未因早早入局而获得相应的乘数效应，”瑞穗证券（Mizuho Securities）高级分析师丹·多列夫（Dan Dolev）表示。“他是比特币的代名词，且是首批在Cash App上提供比特币分拆购买服务的人之一。”
这种关注或许只是时间问题，而非是否会关注的问题。上周比特币创下新高，吸引了众多持有加密货币的公司的新一轮关注，这些公司目前在股市中享有相当高的溢价。
Block的战略布局愈发呈现出基础设施投资的特征，而非投机性敞口。该公司正通过Proto大力进军硬件领域，并计划在2025年下半年推出自有比特币挖矿芯片及系统，旨在向中国现有企业发起挑战，同时面向工业级和小型挖矿群体销售产品。
今年早些时候，在一场行业会议上，多尔西表示：“我们坐拥规模庞大的客户群体，涵盖大型企业和小型利基市场客户。对我们而言，这无疑是巨大的市场，也是公司未来发展的关键组成部分。”
然而，众所周知，挖矿业务的盈利能力难以维持。随着比特币价格上涨，网络难度和能源成本也同步攀升。这种动态变化往往在需求达到峰值时削弱回报，使得挖矿成为一个颇具挑战性的行业。
Benchmark的帕尔默表示：“令人惋惜的是，志同道合的投资者数量过多，从盈利角度来看，这才是真正的问题所在。”
多尔西仍在建设比特币基础设施，并推进实验性项目，如开源人工智能代理框架Goose。但就目前而言，投资者信心取决于核心业务。倘若Cash App和Square能够达成预期目标，市场或许终会认可Block的比特币战略，将其视为战略愿景，而非投机性副业。
“比特币、持仓及收益目前被大多数投资者低估，”Evercore的弗里施指出。“当前投资者更关注核心业务部门而非比特币相关举措。” （*）
译者：中慧言-王芳
Jack Dorsey’s Block Inc. joins the coveted S&P 500 on Wednesday, a symbolic milestone that puts the digital finance firm—pursuing everything from mobile banking to Bitcoin mining—under Wall Street’s spotlight.
For a company that helped pioneer mobile payments, the real test now is turning big ambitions into profit-driving execution: converting Cash App’s large user base into full-fledged banking customers, scaling Square’s product arsenal, and competing in the cutthroat world of Bitcoin mining.
The index inclusion delivers immediate inflows from passive funds and renewed investor attention. Block shares rose 7% the Monday following the announcement, softening the stock’s 22% decline in the first half of the year amid concern over the Oakland-based firm’s earnings trajectory. Block shares hovered around $79 during Wednesday morning trading. Analysts caution that index inclusion won’t shield the company from pressure to deliver results in order to realize a stock valuation that’s consistent with growth-minded tech companies.
“The addition of Block shares to the S&P 500 was very helpful to the company from a timing perspective,” said Mark Palmer, senior analyst at The Benchmark Company, who has a hold rating on the stock. “But whether that initial boost will be sustained is going to depend on whether the company follows through from an execution standpoint.”
Sell-side sentiment remains broadly positive, but concerns persist over whether its core businesses can continue scaling. Cash App, which has 57 million active users, is transitioning from a peer-to-peer payments app into a full-service banking platform. With its banking push, Cash App is competing directly with PayPal Holdings Inc.’s Venmo and digital-first challengers like Chime Financial Inc. The focus now is less on user growth than monetizing the existing customer base through services like lending.
A representative for Block declined to comment.
Square—Block’s original business focused on payments for small and medium-sized businesses—is working to move upmarket, facing competition from Fiserv Inc.’s Clover and restaurant-focused rival Toast Inc. On the crypto front, Block is helping Square businesses accept payments in Bitcoin, offering a self-custody wallet called Bitkey and entering a hardware market long dominated by China’s Bitmain with Proto, its suite of Bitcoin mining products and services.
“We’re really focused on the fundamentals and the turnaround story there with their two major segments, more than a quick trading pop here for the inclusion,” said Adam Frisch, senior managing director at Evercore ISI, who has an outperform rating with an $85 price target, versus $79 at the Tuesday close. He added that Cash App users generate about $110 average revenue per active member, compared to roughly $245 per user at Chime. “That delta represents a huge opportunity for Cash App.”
Attention is also returning to a Bitcoin vision Dorsey committed to years ago—one that markets largely ignored, but that may be in position to gain overdue validation. Block began accumulating Bitcoin in 2020 and now holds 8,584 coins in its corporate treasury, worth more than $1 billion in today’s prices. It redirects 10% of the gross profit from its Bitcoin products each month to buy more of the cryptocurrency for its balance sheet—a treasury policy more common to crypto startups than publicly listed companies.
“Jack is the ultimate maxi but they haven’t gotten the multiple for him being such an early bird,” said Dan Dolev, senior analyst at Mizuho Securities. “He’s synonymous with Bitcoin and he was one of the first ones to offer fractional Bitcoin purchasing on Cash App.”
That attention may be a matter of when, not if. Bitcoin broke records last week, drawing new attention from a flurry of crypto-holding firms that now command a sizable premium in the stock market.
Block’s posture increasingly resembles infrastructure investment rather than speculative exposure. The firm is pushing deeper into hardware with Proto, and it plans to launch its own Bitcoin mining chips and systems in the second half of 2025 as it aims to challenge Chinese incumbents and sell to both industrial and smaller-scale miners.
“We have a large pipeline of customers, both the very large and also the smaller, more niche ones,” Dorsey said earlier this year at an industry conference. “This is going to be a big market for us and a big part of our company going forward.”
Yet profitability in mining is notoriously difficult to sustain. As Bitcoin prices rise, network difficulty and energy costs also increase. That dynamic often undercuts returns just as demand peaks, making mining a challenging industry to serve.
“Unfortunately, there are a great many like-minded investors and that’s been the real trouble from a profitability standpoint,” said Benchmark’s Palmer.
Dorsey is still building out Bitcoin infrastructure—and pushing ahead on experimental projects like Goose, an open-source AI agent framework. But for now, investor conviction hinges on the core businesses. If Cash App and Square can deliver, markets may then finally reward Block’s Bitcoin strategy, viewing it as strategic vision rather than a speculative side bet.
“Bitcoin, the holdings and the revenue, are somewhat discounted by most investors,” Evercore’s Frisch said. “People are more focused on the core units than the Bitcoin initiatives at this point.”