Coinbase shares soared more than 20% on Tuesday and headed for their sharpest rally since the day after President Donald Trump’s election victory following the crypto exchange’s inclusion in the S&P 500.

S&P Global said in a release late Monday that Coinbase is replacing Discover Financial Services, which is in the process of being acquired by Capital One Financial. The change will take effect before trading on Monday.

Stocks added to the S&P 500 often rise in value because funds that track the benchmark will add it to their portfolios. For Coinbase, it’s the latest sharp move in what’s been a volatile few months since Trump was elected to return to the White House.

Coinbase shares rocketed 31% on Nov. 6, the day after the election, on optimism that the incoming administration would adopt more crypto-friendly policies following a challenging and litigious four years during President Joe Biden’s term in office.

The company and CEO Brian Armstrong were key financial supporters in the 2024 campaign, backing pro-crypto candidates up and down the ticket. Coinbase was one of the top corporate donors, giving more than $75 million to a PAC called Fairshake and its affiliates. Armstrong personally contributed more than $1.3 million to a mix of candidates.

While the start of the Trump term has been mostly favorable to the crypto industry, through deregulation and an executive order to establish a strategic bitcoin reserve, legislation has thus far stalled. That’s due in part to concerns surrounding Trump’s personal efforts to profit from crypto through a meme coin and other family initiatives.

Coinbase has been on a roller coaster as well, plummeting 26% in February and 20% in March as Trump’s tariff announcements roiled markets and pushed investors out of risk. With Tuesday’s rally, the stock is now up about 2% for the year.

Since going public through a direct listing in 2021, Coinbase has become a bigger part of the U.S. financial system, with bitcoin soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds.

Bitcoin spiked last week, topping $100,000 and nearing its record price reached in January. The crypto currency surpassed $104,000 on Tuesday.

To join the S&P 500, a company must have reported a profit in its latest quarter and have cumulative profit over the four most recent quarters.

Coinbase last week reported net income of $65.6 million, or 24 cents a share, down from $1.18 billion, or $4.40 a share a year earlier, after accounting for the fair value of its crypto investments. Revenue rose 24% to $2.03 billion from $1.64 billion a year ago.

The company last week also announced plans to buy Dubai-based Deribit, a major crypto derivatives exchange for $2.9 billion. The deal, which is the largest in the crypto industry to date, will help Coinbase broaden its footprint outside the U.S.

WATCH: Bitcoin surges past $100,000

Wealth and power.

Global political and business leaders gathered in Riyadh on Tuesday for the Saudi Arabia Investment Forum, discussing the artificial intelligence boom and global trade.

President Donald Trump met with Saudi Crown Prince Mohammed bin Salman as several deals were announced between the two countries.

Saudi Arabia is investing $600 billion in the U.S., a package the White House said would boost “energy security, defense industry, technology leadership, and access to global infrastructure and critical minerals.”

The White House also touted a nearly $142 billion deal to provide Saudi Arabia with weapons and services from U.S. defense firms.

Nvidia CEO Jensen Huang announced a deal to provide the kingdom its high-end AI Blackwell chips.

Tesla CEO Elon Musk and Amazon CEO Andy Jassy were among the attendees, as well as other high-profile executives and power players such as OpenAI CEO Sam Altman, Alphabet President Ruth Porat, IBM CEO Arvind Krishna, Palantir CEO Alex Karp and Qualcomm CEO Cristiano Amon.

Elon Musk said Saudi Arabia has approved Starlink for aviation and maritime use in the region, speaking at an investment forum during a White House-led trip to the kingdom on Tuesday.

Starlink is the satellite internet service owned and operated by Musk’s aerospace and defense contractor, SpaceX.

SpaceX recently began offering its Starlink hardware for free outside the U.S. in a bid to win new subscribers.

Musk also briefly discussed his other business ambitions in the region, promising to bring Tesla robotaxis to Saudi Arabia at an unspecified date.

“I think it would be very exciting to have autonomous vehicles here in the kingdom, indeed, if you’re amenable,” Musk said.

Musk also said he showed several of Tesla’s Optimus humanoid robots, now in development, to Trump and Saudi Arabia’s crown prince, Mohammed bin Salman bin Abdulaziz Al Saud.

Tesla has been telling investors for years that self-driving cars and humanoid robots are the key to its future profits.

Tesla’s Optimus is not yet in production and competition abounds in humanoid robotics.

The Tuesday event featured President Donald Trump and U.S. tech executives from companies involved in artificial intelligence, defense and semiconductor manufacturing.

At the same event, Nvidia CEO Jensen Huang announced the U.S. chipmaker will sell over 18,000 of its latest artificial intelligence chips to Saudi Arabian company Humain.

The Trump and tech executives’ visit to Saudi Arabia comes as the White House works to strike trade deals following the President’s sweeping, and ever-changing, trade and tariff policies.

Trump received a lavish welcome from the oil power, and secured a $600 billion commitment from Saudi Arabia to invest in the U.S. on Tuesday. He also agreed to sell Saudi Arabia an arms package worth nearly $142 billion, the White House said in a statement.

In addition to his collection of companies, Musk has been a key adviser to Trump, running the Department of Government Efficiency, an initiative where he has steeply slashed jobs, regulations, funding and other resources at federal agencies, including those tasked with oversight of his businesses.

Saudi Arabia’s Kingdom Holding Company and the private office of Prince Alwaleed bin Talal own a stake in Elon Musk’s newest major venture, xAI, which he recently merged with X (formerly Twitter).

In 2022, when Musk led a leveraged buyout of the social network now known as X, Senate Democrats had called for investigations into Saudi Arabia’s role in that deal citing national security concerns.