Shares of Coinbase jumped in after-hours trading after the S&P 500 announced that the cryptocurrency exchange's stock will begin trading on its index on Monday, May 19.

COIN, which currently trades on the Nasdaq, rose 8% following the news, currently sitting at an after-hours price of $225 per share, as of this writing. The stock already rose nearly 4% during the trading day to finish at $207.22.

Coinbase will replace Discover Financial Services (DFS) on the S&P 500, with the index noting that financial services giant Capital One is expected to complete its acquisition of Discover soon.

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