Coinbase (COIN) stock surged nearly 24% on Tuesday as Wall Street cheered the inclusion of the first and only crypto exchange in the S&P 500 (^GSPC) — a major milestone for the company and an industry once in the crosshairs of regulators.

“Coinbase has gone from being in an intense litigation with the SEC just a few months back (later dropped by the SEC under the Trump regime) to being the latest addition to S&P 500,” Bernstein managing director Gautam Chhugani wrote on Tuesday morning.

“This event symbolises the dramatic turnaround in fortunes for the crypto industry and its rising significance as the frontier of financial innovation,” he added.

The significance of formally joining the S&P 500 on May 19 was not lost on company executives either.

“This is a major milestone, not just for Coinbase, but also for the entire crypto industry,” wrote Alesia Haas, Coinbase’s CFO, on Monday afternoon. “Joining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading.”

The announcement came days after Bitcoin (BTC-USD) crossed the $100,000 level to reach its highest level since late January.