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In what’s being called a “crypto milestone,” %Coinbase Global (NASDAQ: $COIN ) is joining the benchmark S&P 500 index in the U.S.

Coinbase, which is the largest crypto exchange in America, is replacing %DiscoverFinancialServices (NYSE: $DFS ), which is being acquired by Capital One Financial (COF).

The stock of Coinbase will be added to the S&P 500 before trading begins on May 19.

Since going public in 2021, Coinbase Global has become a big part of the U.S. financial system, especially as the price of Bitcoin has soared above $100,000 U.S. per digital token.

That said, Coinbase has been a volatile stock and is trading below its peak from 2021.

The stock ended trading on May 12 at $207.22 U.S., down substantially from a peak of $357 U.S per share.

Still, inclusion in the S&P 500 should lift Coinbase’s stock moving forward as funds that track the index will be required to add the company’s shares to their portfolios.

To join the S&P 500, a company such as Coinbase must have reported a profit in its latest quarter and have cumulative profits over the four most recent quarters.

Coinbase recently reported net income of $65.6 million U.S., or $0.24 U.S. a share. The company’s revenue rose 24% year-over-year to $2.03 billion U.S.

Also last week, Coinbase announced plans to buy Deribit, a major crypto derivatives exchange, for $2.90 billion U.S. The deal is the largest in the crypto industry to date.

Coinbase’s stock is down 17% this year, underperforming %Bitcoin (CRYPTO: $BTC ), which is up 11% in 2025.