Crypto Exchange Coinbase (COIN) rises 16% early Tuesday after Monday night announcement about its recording in the S&P 500.

The Coin is added to the S&P 500 index after the end of Friday and replaces Discover Financial Services (DFS), which is acquired by Capital One (COF).

Wall Street Broker Bernstein estimates that the move can lead to approx. $ 16 billion shopping pressure for coin base – about $ 9 billion from passive funds linked to the S&P 500 and $ 7 billion from active awards.

Coinbase is the “first and only crypto company that joins the S&P 500,” analysts wrote by Gautam Chhugani.

Chhugani has a better rating of coinbase shares with a price target of $ 310 or approx. 30% upside down from the current $ 240.

Investment Bank KBW estimates that the S&P 500 Passive Funds will have to buy 36 million coinbase shares for index intervention, which is approx. 4 days with average purchase volume.

KBW also noted that 9.9 million coinbase shares from April 30 were held, which is 1.4 days to cover.

“Since 2017, the Financial 500 additions have surpassed by 5.2% the day after message,” said KBW, and Coinbase’s addition could pave the way for other cryptic companies to join the index.

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