Crypto ( CRCW ) exchange Coinbase (COIN) surged over 8% on Monday after market closing on news that the stock will be included in the broad-market S&P 500 stock index.

The company would replace Discover Financial starting on May 19, according to an S&P press release. Discover Financial is being acquired by Capital One.

The S&P 500 tracks 500 of the largest publicly traded companies in the U.S. across several sectors, including tech, healthcare, finance and more. Prominent names in the index include Apple, Microsoft ( MSFT ), Amazon and Google ( GOOG ). COIN, at a market cap of nearly $53 billion, currently trades on the Nasdaq exchange.

The inclusion would be a significant milestone for the digital asset industry, giving millions of average investors and model portfolios exposure to a crypto-focused company.

"COIN about to be in every portfolio in America," Juan Leon, senior investment strategist at asset manager Bitwise, said in an X post. "The S&P 500 inclusion is going to force 7x the daily trading volume into [the] stock."

Shares of the company jumped to as high as $225 following the reports, up 8.6% in post-market hours and adding to the nearly 4% gain on Monday.

UPDATE (May 12, 21:50 UTC): Adds analyst comment, detail about Capital One acquiring Discover Financial.