Jack Dorsey’s Block to join S&P 500, stock surges 9% after-hours

Key Points

1. Block's stock surged almost 9% after-hours following the announcement of its inclusion in the S&P 500, replacing Hess Corp.

2. This marks the second crypto-related firm to join the S&P 500 after Coinbase, which was added two months prior.

3. Crypto commentators view this as a significant move for Bitcoin, highlighting potential increased institutional interest and passive investment flows.

4. Block must meet specific criteria for S&P 500 inclusion, including a market cap over $18 billion, a public float above 10%, and positive earnings.

5. There is speculation that more crypto-related firms may join the S&P 500 in the future, with MicroStrategy also being a potential candidate.