Overview

• Block will replace Hess Corp in the S&P 500 effective before trading on July 23, according to S&P Dow Jones Indices.
• The company’s shares jumped 8.5% in after-hours trading as investors positioned for index-tracking fund purchases.
• Block becomes the second cryptocurrency-facing firm in the benchmark after Coinbase’s May inclusion.
• J.P. Morgan projects that passive funds will demand about 54.2 million Block shares upon its S&P 500 entry.
• Block holds more than 8,500 bitcoin on its balance sheet and is expanding real-time BTC payment capabilities through its Square terminals.