Coinbase Global Inc. will join the S&P 500 next week

The San Francisco-based crypto exchange will replace Discover Financial Services on the S&P 500 next Monday

Coinbase Global Inc will join the S&P 500 next week, becoming the first-ever crypto company to be included in the benchmark index.

The San Francisco-based crypto exchange will replace Discover Financial Services on the S&P 500 on Monday, May 15, once the pending acquisition of Discover by Capitol One Financial is finalized.

Shares of Coinbase, or COIN on the Nasdaq, were up 8% in extended trading on Monday.

Coinbase is the largest bitcoin exchange in the United States. It was also the first major cryptocurrency company to go public in 2021. Despite falling revenue, Coinbase managed to report a profit for the latest quarter, which is a requirement to make the S&P 500.

The Coinbase announcement comes just days after Bitcoin topped $100,000 to reach its highest price since January. Bitcoin is up 10% this year, while Coinbase shares are down 17%.

Coinbase recently announced plans to buy Dubai-based Deribit, a major crypto derivatives exchange, for $2.9 billion in the largest crypto industry deal ever.

Last week, Coinbase reported a net income of $65.6 million, or 24 cents a share. That is down from $1.18 billion, or $4.40 a share a year earlier. Revenue was up 24% to $2.03 billion from $1.64 billion a year ago.

Stocks that are added to the S&P 500 typically see an increase in value. The index is heavily weighted towards technology stocks, such as Dell, artificial intelligence server maker Super Micro Computer, security software vendor CrowdStrike and defense software provider Palantir.

On Monday, Coinbase thanked "everyone who made it possible for a crypto company to join the S&P 500 for the first time in history."

"First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500," Coinbase said in a post on X.