CNBC's Tanay Macheel joins 'Closing Bell' to talk Coinbase joining the S&P 500. Chief Justice Roberts Sets Record Straight On SCOTUS Overruling Precedent

Shares of Coinbase rose sharply Tuesday on news that it would be included in the benchmark S&P 500 this month.

Coinbase Global Inc., the largest US cryptocurrency exchange, will be added to the S&P 500 Index in the latest milestone for the booming digital-asset industry.

The company is the first of its kind to join the landmark index. Cryptocurrency skeptics and fans alike say that gives the virtual tender a stamp of legitimacy, but can’t agree if it’s warranted.

Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.

Coinbase’s upcoming entry into the S&P 500 underscores its growing influence in both the U.S. spot and crypto derivatives markets. This expansion is strengthened by its recent $2.9 billion acquisition of Deribit.

Coinbase Global Inc. will join the S&P 500 next week, the first-ever crypto company to be included in the benchmark index. Coinbase soared in extended trading after the move was announced Monday.

Coinbase (NASDAQ:COIN) will be added to the S&P 500 index, replacing Discover Financial (NYSE:DFS), an established financial services firm.