Coinbase Global COIN shares rose nearly 10% in premarket trading on Tuesday after the cryptocurrency exchange became the first digital asset to be included in the benchmark S&P 500 index SPX.
It will replace credit card issuer Discover Financial DFS, which is being acquired by Capital One COF. The move will be effective before trading begins on May 19.
The move marks a major milestone for an industry that was once restricted to the fringes of the financial world. With surging interest from institutions, crypto has rapidly moved into the mainstream, especially after President Donald Trump promised a lighter regulatory touch.
The stock was on course to hit its highest in over two months, potentially adding more than $5 billion in market value if current gains hold.
The inclusion could also boost demand for Coinbase shares, as funds tracking the benchmark index would need to add the company to their portfolios.
Last week, Coinbase reported a drop in first-quarter profit. However, analysts have said that a recovering market could boost its momentum.
The company has been active in expanding its institutional investor base and has also taken steps to get a foothold in non-U.S. markets, strengthening its position as the largest publicly traded cryptocurrency exchange in the world.
It said last week it would buy derivatives exchange Deribit for $2.9 billion to expand into the crypto options markets.
Shares of the company have lost nearly 17% in 2025, as of their last close.
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