Coinbase is joining the S&P 500, replacing Discover Financial Services in the benchmark index, according to a release on Monday. Shares of the crypto exchange jumped 8% in extended trading.

The change will take effect before trading on May 19. Discover is in the process of being acquired by Capital One Financial.

Since going public through a direct listing in 2021, Coinbase has become a bigger part of the U.S. financial system, with bitcoin soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds.

However, Coinbase has been a particularly volatile stock and is trading well below its peak from late 2021. The shares closed on Monday at $207.22, giving the company a market cap of $53 billion. At its high, the stock traded at over $357.

Stocks added to the S&P 500 often rise in value because funds that track the S&P 500 will add it to their portfolios.

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