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.

Shares of Coinbase rose sharply Tuesday on news that it would be included in the benchmark S&P 500 this month.

Rosenblatt analyst maintains Buy rating for Coinbase Global, raises price target to $300. Recent gains driven by S&P 500 addition and Deribit acquisition.

Coinbase CEO Brian Armstrong said that the firm is always looking for mergers and acquisition opportunities as it readies to join the S&P 500.

Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.

Coinbase joins the S&P 500, backed by strong Q1 results and resilient core business growth. Read my full COIN stock analysis here.