Online broker Robinhood Markets will join the S&P 500 index after riding the popularity of cryptocurrencies to profitability and an all-time high stock price.

The company is set to join the benchmark index on Sept. 22, along with mobile technology platform AppLovin and construction company Emcor Group.

Robinhood is having one of its best years since going public in 2021 after struggling early on. It closed below its IPO price of $38 on its first day of trading. The stock remained volatile over the next few years, finishing 2023 at $12.74 per share.

The stock has tripled in 2025 so far, trading at more than $100 per share. That follows a similar gain in 2024.

An increased interest in cryptocurrency amid a friendlier regulatory environment for the digital currency has helped turn around the online broker's profits. The company lost 61 cents per share in 2023, but sharply reversed course in 2024 for a profit of $1.56 per share. Wall Street expects the company to close out 2025 with $1.64 per share in profit.

The company has been benefitting from the government's hands off approach to cryptocurrency and regulation during President Donald Trump's tenure. Earlier this year, the Securities and Exchange Commission closed an investigation into the company. The SEC declined to pursue enforcement action over allegations that Robinhood failed to register certain crypto assets on its platform as securities.

Robinhood was also at the center of the original “meme stock" craze in 2021 that centered on heavy trading of GameStop and AMC Entertainment. The company had to temporarily restrict trading of those companies amid a dispute between online activist retail investors and institutional investors.

Shares of Robinhood surged 13.8% in morning trading, while AppLovin shares jumped 11.5%.