Block Inc, co-founded by Jack Dorsey, will join the S&P 500 index on July 23, replacing Hess Corporation following its acquisition by Chevron.

The announcement triggered a 10% surge in Block’s stock during after-hours trading on July 18.

This move comes two months after Coinbase became the first crypto-focused company to enter the index.

Block, which rebranded from Square in December 2021, focuses on blockchain technology and digital assets.

Its segments include Square, Cash App, Afterpay, TIDAL, Bitkey, and Proto. Bitkey offers a bitcoin self-custody wallet, while Proto provides bitcoin mining products and services.

The company has invested heavily in bitcoin, allocating 10% of its BTC-related profits to monthly purchases since last year. It currently holds 8,584 BTC, worth about US$1 billion, according to BitcoinTreasuries.net.

Block has a market cap of US$44.8 billion and trades at around US$72.82 per share.