Coinbase Global Inc. will join the S&P 500 next week, the first-ever crypto company to be included in the benchmark index. Coinbase soared in extended trading after the move was announced Monday.

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.

Shares of the crypto exchange soared in extended trading after the announcement. Bitcoin eclipsed the $100,000 market last week, approaching its record reached in January. Coinbase is joining the S&P 500,

Coinbase is joining the S&P 500, replacing Discover Financial, which is being acquired. Shares of the crypto exchange soared in extended trading after the announcement. Coinbase is joining the S&P 500,

Coinbase Global Inc. is joining the S&P 500 index next Monday, S&P Dow Jones Indices announced late Monday.

Coinbase is joining the S&P 500, replacing Discover Financial Services in the benchmark index, according to a release on Monday. The change will take effect before trading on May 19. Discover is in the process of being acquired by Capital One Financial.