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.

It’s a sign of the times,' said Dan Dolev, senior payments analyst at Mizuho. 'It’s the welcoming of crypto stocks to mainstream.'