Coinbase Global Inc. (NASDAQ: COIN) is set to be added to the S&P 500 index on May 19, replacing Discover Financial Services, which is being acquired by Capital One Financial.

The announcement led to a significant surge in Coinbase's stock, with shares rising over 9% in after-hours trading. This inclusion marks a historic moment, as Coinbase becomes the first cryptocurrency-focused company to join the prestigious index, highlighting the growing acceptance of digital assets in traditional finance.

Despite a recent dip in performance, with shares down approximately 17% year-to-date, Coinbase's market capitalization stands at around $50.8 billion. The company's addition to the S&P 500 is expected to attract increased investment from funds that track the index, potentially boosting its stock further.

Coinbase's inclusion comes amid a broader shift in the financial landscape, with the cryptocurrency sector gaining traction among institutional investors and regulators. The company's recent announcement of a $2.9 billion acquisition of Deribit, a Dubai-based crypto derivatives exchange, underscores its commitment to expanding its global footprint.

As the crypto industry continues to evolve, Coinbase's entry into the S&P 500 serves as a testament to the sector's maturation and its increasing integration into mainstream financial markets.