Shares of Robinhood soared 7% in after hours trading after the S&P 500 added the crypto-focused fintech to the index.

CNBC reported the move.

The S&P decision underscores the growing might of digital asset-focused companies, which have benefited from the friendlier political and regulatory environment of recent months.

But the index did not add Bitcoin treasury Strategy, disappointing some observers.

Cryptocurrency exchange Coinbase  began trading on its index on May 19.

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