Payments firm Block (XYZ) will join the S&P 500 on July 23, replacing Hess Corp. Shares surged 8.5% in after-hours trading after closing up 2.95% on Friday. Inclusion in the index means Block shares will be in portfolios of mutual funds and institutional managers.

Coinbase (COIN) was the first crypto firm in the S&P 500; shares surged at inclusion. Block, known for Cash App and Square, integrates Bitcoin. The company piloted real-time Bitcoin payments and holds 8,584 BTC. Inclusion will expose major funds to bitcoin and the crypto ecosystem.

Read more at Yahoo Finance: Shares of Jack Dorsey’s Block Jump 8.5% on S&P 500 Inclusion