Crypto exchange Coinbase Global (COIN) is set to make history by joining the prestigious S&P 500 index on May 19. Coinbase will replace Discover Financial Services (DFS) after its acquisition by Capital One Financial Corp. This marks a significant milestone for both Coinbase and the cryptocurrency industry.

The S&P 500 includes the largest publicly traded companies in the US and serves as a key indicator of the stock market’s performance. Coinbase’s entry into the index is expected to drive up demand for its stock as index funds and exchange-traded funds that track the S\&P 500 will be required to purchase COIN shares.

Coinbase’s shares saw an immediate boost of 8.8% following the announcement closing at $225.4 in after-hours trading. With a market cap of $52.8 billion Coinbase’s inclusion in the S&P 500 reflects the growing acceptance of crypto as a major player in the financial market. Coinbase CFO Alesia Haas called the move a reflection of how far the crypto industry has come.