Block, Inc. saw an almost 9% surge in after-hours trading after being added to the S&P 500 index. The company will replace Hess Corp before trading begins on Wednesday. This move has excited the Bitcoin community, with Block currently holding 8,584 Bitcoin. The stock price jumped 8.49% to $79. Block’s stock price has risen 14.51% in the past 30 days.

To be listed on the S&P 500, a company must have a market cap greater than $18 billion, a public float of more than 10%, and positive earnings for the most recent quarter and previous four quarters. Block’s inclusion in the S&P 500 came just two months after Coinbase Global became the first crypto firm in the index. There is speculation that more crypto-related firms may be added in the future.

Block’s move onto the S&P 500 had been anticipated for some time, with experts suggesting that the company could become the first with an “explicit” Bitcoin strategy to be included in the index. Block previously announced plans to launch Bitcoin payments on Square, its payments processing arm, starting later this year with a full launch in 2026. Merchants will be able to accept Bitcoin payments through existing Square hardware using the Lightning Network.

Read more at Cointelegraph: Jack Dorsey’s Block Stock Surges After S&P 500 Inclusion