Coinbase is set to join the S&P 500, replacing Discover Financial Services in the benchmark index, as announced on Monday. Shares of the crypto exchange surged 8% in after-hours trading.
The change will take effect before trading begins on May 19, as Discover is being acquired by Capital One Financial.
Since its direct listing in 2021, Coinbase has become a significant part of the U.S. financial landscape, with bitcoin’s value soaring and large institutions gaining regulatory approval for spot bitcoin exchange-traded funds.
Bitcoin surged last week, surpassing $100,000 and nearing its record price from January.
