Square, Inc. (NYSE: SQ) announced today that it is changing its name to Block. Block will be the name of the company as a corporate entity. The Square name has become synonymous with the company’s vendor-driven businesses—which offer an integrated ecosystem of vendor-centric commerce, enterprise software and banking solutions—and this change allows these activities to remain with the Square brand as it was originally intended
The change to Block recognizes the company’s growth. Since its inception in 2009, it has added Cash App, TIDAL and TBD54566975 as businesses, and the name change creates room for further growth. Block is a comprehensive ecosystem of diverse companies united for the purpose of economic empowerment and serves many people: individuals, artists, fans, developers and sellers.
“We’ve built the Square brand for our vendor-driven business, the space it belongs to,” said Jack Dorsey, Block co-founder and CEO. “Block is a new name, but our purpose of economic empowerment remains the same. No matter how much we grow or change, we will continue to develop tools to expand access to the economy.”
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Changing the name to Block differentiates the corporate entity from its business, or building blocks. There will be no organizational changes, and Square, Cash App, TIDAL and TBD54566975 will continue to maintain their respective brands. A grassroots workforce — which includes teams such as legal advice, people management and finance — will continue to help guide the ecosystem at the corporate level. With the name change, Square Crypto, a separate company initiative dedicated to promoting bitcoin, will change its name to Spiral.
The name Block has several meanings associated with the company’s activities, such as building blocks, neighborhood blocks (or blocks) and its local businesses, communities that gather music-filled block parties, a blockchain, a section of code and obstacles to overcome.
Square, Inc. is referred to as “Block” in this press release. The corporate name “Square, Inc.” must be legally changed to “Block, Inc.” by December 10, 2021, after all applicable legal requirements have been met. The ticker symbol NYSE of the company “SQ” will not change at this time. Any future changes will be publicly disclosed. Current shareholders do not need to take any action. The company’s Class A common stock will continue to be listed on the NYSE, and the code CUSIP will not change.
