title: Coinbase shares jumped by double digits on Tuesday.

The exchange is set to be the first crypto firm to be included in the S&P 500.

Coinbase shares soared on Tuesday after the company was set to become the first crypto firm to be included in the S&P 500.

What Happened: Shares of Coinbase (NASDAQ:COIN) surged as much as 15% on Tuesday, reaching an intraday high of $240.13. The stock is down 4.5% year-to-date.

The biggest U.S. cryptocurrency exchange is set to join the S&P 500 with its inclusion in the benchmark index. Coinbase will replace Discover Financial (NYSE:DFS) on May 19.

The listing marks another milestone for the U.S. crypto sphere as it enters more fully into the mainstream financial world.

It’s also a standout moment for Coinbase; earlier this year, the crypto exchange was still entangled in a years-long lawsuit pushed by the Securities and Exchange Commission. The new SEC under President Donald Trump dropped the case in February.

The last week has been busy for Coinbase. Though the company missed first-quarter earnings estimates last week, its stock spiked on news that it would purchase Deribit, a leading crypto derivatives company.

Coinbase is set to report its second-quarter earnings on July 26.

Coinbase Share Price Movement: Shares of Deribit rose 14.5% on Tuesday to close at $159.03.

Over the past year, Coinbase shares have traded between $66.03 and $256.1.

Coinbase is down 4.5% year-to-date.

Related Link: Can Biden Administration Save The U.S. Dollar From Hyperinflation?