Shares of Coinbase Global (NASDAQ: COIN) surged 23.8% higher at 2:30 p.m. ET on Tuesday, May 13. The operator of the leading cryptocurrency exchange in America will join the S 500 market index on its next update, scheduled for May 19.

Coinbase will replace the more traditional finance-sector company Discover Financial Services, ending Discover's 12-year tenure in the popular index.

Discover is moving out because fellow S&P component Capital One Financial is acquiring the company. The transaction will close on May 18, leaving an open seat around the S 500 table. The index's management team saw fit to introduce a cryptocurrency expert instead.

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Source Fool.com