Block, Inc., the financial services company founded by Jack Dorsey, saw its stock price rise nearly 9% following the announcement that it will replace Hess Corp in the S&P 500. This significant move, set to take effect before trading begins on Wednesday, garnered enthusiasm particularly from the Bitcoin community, as Block is notable for its Bitcoin advocacy and corporate treasury holdings—currently amounting to 8,584 Bitcoin. The surge in Block's stock to $79 in after-hours trading comes in the wake of strong market reactions and speculation about future cryptocurrency firms potentially joining the index. Analysts highlight this as a pivotal moment for Bitcoin, with the possibility of attracting trillions in passive investment flows. Block’s qualifications for the S&P 500 included maintaining a public float greater than 10% and positive earnings for the last four quarters. Additionally, the company announced its plans to introduce Bitcoin payments via its Square platform by 2026, further solidifying its role in the crypto-financial landscape.

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