Shares of Jack Dorsey’s Block Jump 8.5% on S&P 500 Inclusion

Payments firm Block (XYZ) will be added to the S&P 500 index on July 23, replacing Hess Corp following the oil company’s acquisition by Chevron.

The news sent Block’s shares soaring 8.5% in after-hours trading. After closing Friday’s session up 2.95%.

Inclusion in the index means Block shares will appear in portfolios run by mutual funds and institutional managers following the S&P 500, the stock market’s benchmark index.

Earlier this year, Coinbase (COIN) became the first cryptocurrency firm to join the index and at the time its shares saw a similar jump. Earlier this week, COIN hit a new all-time high around $445 before correcting.

Block is best known for its Cash App and Square, as well as its ongoing integration of Bitcoin into its business model. The company piloted real-time bitcoin payments earlier this year and is looking to roll out the feature broadly next year.

The company’s inclusion in the index also means that major investment funds will indirectly add exposure to bitcoin and the wider cryptocurrency ecosystem.

The company holds 8,584 bitcoin on its balance sheet according to BitcoinTreasuries, giving it the 11th-largest BTC treasury among publicly traded firms.