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.
The S&P 500 tracks 500 of the largest publicly traded companies in the U.S. across several sectors, including tech, healthcare, finance and more. Prominent names in the index include Apple, Microsoft, Amazon and Google. COIN, at a market cap of nearly $53 billion, currently trades on the Nasdaq exchange.
Shares of the company jumped to as high as $225 following the reports, up 8.6% in post-market hours and adding to the nearly 4% gain on Monday.
News source: Coinbase (COIN) Shares Jump 8% Post-Market on S&P 500 Inclusion
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