It’s the first time that a cryptocurrency company will be included on the closely followed index. Coinbase shares are up double digits on the news. One of the world’s most well-known stock market indexes,

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.

Investors jumped on shares of Coinbase Global after the Monday night news that the crypto exchange will join the S&P 500 next week.