$SUI BLOCK STOCK SURGES ON S&P 500 INDEX

Block Inc. shares surged more than 10% in after-hours trading after it was announced that the company will join the S&P 500 index on July 23, replacing Hess after Hess was acquired by Chevron.

This means that Block will be included in ETFs, mutual funds, and asset managers’ portfolios, thereby benefiting from the index’s cash flows. It is the second crypto-related company to be included in the S&P 500.

Block Inc. (formerly Square) is a fintech company co-founded by Jack Dorsey (founder of Twitter), known for its payment solutions, Cash App, and increasingly in the Bitcoin and blockchain space.