Square Becomes a Member of the S&P 500
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Square Becomes a Member of the S&P 500

Shares in Block experienced a nearly 10% increase in pre-market trading on Monday after it was announced that the Jack Dorsey-founded fintech will replace Hess Corp in the S&P 500 on July 23.

Initially founded in 2009 as Square, Block is widely recognized for its Cash App mobile payments service and the Square POS unit, which recently introduced real-time bitcoin transactions.

This marks Block as the second fintech company to join the S&P 500 this year, following Coinbase, which took the place of Discover Financial Services in May.

In a statement regarding the S&P 500 inclusion, Block emphasized, "It’s a milestone that reflects the strength of our business and the work of thousands of people building tools to increase access to the economy, across our brands including Square, Cash App, Afterpay, Tidal, Proto, and Bitkey."