Coinbase Global Inc. will join the S&P 500 next week, the first-ever crypto company to be included in the benchmark index. Coinbase soared in extended trading after the move was announced Monday.

(Reuters) -Coinbase Global's shares jumped nearly 10% in premarket trading on Tuesday after the cryptocurrency exchange became the first digital asset player to be included in the benchmark S&P 500 index.

Cryptocurrency exchange Coinbase Global will join the benchmark index S&P 500 from May 19, marking an important milestone for the crypto sector. While not entirely unexpected—Coinbase is one of the largest companies based on market value not currently part of the index—shares jumped almost 10% to $226.