Cryptocurrency exchange Coinbase Global will join the benchmark index S&P 500 from May 19, marking an important milestone for the crypto sector. While not entirely unexpected—Coinbase is one of the largest companies based on market value not currently part of the index—shares jumped almost 10% to $226.

Coinbase Global Inc. (NASDAQ: COIN) is set to join the S&P 500, replacing Discover Financial Services, effective before trading begins on May 19.

A place in the S&P 500 index is a coveted spot for companies. It brings the shares to a much broader range of investors, as well as to passive funds that track the benchmark and a