Shares of Coinbase Global (NASDAQ:COIN) surged on Monday evening as the top U.S. cryptocurrency exchange was set to join the S&P 500 index, replacing Discover Financial Services (NYSE:DFS).

The inclusion, effective May 19, marks a milestone for Coinbase, reflecting its growing prominence in the financial sector. 

The move follows Capital One Financial (NYSE:COF) receiving approval for the acquisition of Discover, where the deal is expected to close on May 18.

Coinbase will be classified under the financials sector in the benchmark index, S&P Dow Jones Indices said in a statement.

Coinbase shares jumped more than 10% to $228.16 in extended trading. In regular trading, the stock gained nearly 4% on Monday.

Last week, the crypto exchange reported a drop in first-quarter profit, which also missed Street expectations. 

The company had also announced that it would acquire crypto derivatives platform Deribit for $2.9 billion in cash and equity.