The cryptocurrency exchange Coinbase Global will join the benchmark S&P 500 index on May 19, marking an important milestone for the crypto sector. The news isn’t entirely unexpected. Coinbase is one of the largest companies based on market value not currently part of the index.

Crypto exchange Coinbase (COIN) surged over 8% on Monday after market closing on news that the stock will be included in the broad-market S&P 500 stock index. The company would replace Discover Financial starting on May 19, according to an S&P press release.

(Reuters) -Coinbase Global's shares jumped nearly 10% in premarket trading on Tuesday after the cryptocurrency exchange became the first digital asset player to be included in the benchmark S&P 500 index.