Cryptocurrency exchange Coinbase will join the S&P 500 index on May 19, becoming the first and only cryptocurrency company in the index.
It will replace Discover Financial Services (DFS), recently acquired by Capital One Financial Corp (COF), S&P Global announced May 12.
Coinbase's entry is likely to boost demand for the company's shares, as index funds and ETFs that track the S&P 500 must buy COIN shares to mirror the index.
As of March 31, the S&P 500 had an aggregate market capitalization of $49.8 trillion.
Coinbase is likely to be among the 400 smallest companies, which typically have a weighting of between 0.01% and 0.2% of the index.