EddieJayonCrypto
12 May 25
Coinbase Global Inc. will join the S&P 500 index on May 19, replacing Discover Financial Services following its acquisition by Capital One Financial. Coinbase is the first cryptocurrency-focused company included in the S&P 500, causing its shares to rise over 7% in after-hours trading. Recently, Coi...
Coinbase Global Inc. is set to join the S&P 500 index on May 19, replacing Discover Financial Services after its acquisition by Capital One Financial. This inclusion makes Coinbase the first cryptocurrency-focused company to be part of this prestigious index, signaling a major milestone for the crypto sector’s integration into traditional finance.
Shares of Coinbase surged over 7% in after-hours trading following the announcement, reflecting investor enthusiasm about the company’s growing prominence. This move comes shortly after Coinbase agreed to acquire crypto derivatives exchange Deribit for $2.9 billion, with $700 million paid in cash and the remainder in Class A stock, a deal that may experience some delay before completion.
Despite missing revenue expectations by $200 million in Q1 2025, Coinbase’s platform engagement remains robust. Notably, USDC stablecoin balances on Coinbase increased by 49% quarter-over-quarter, highlighting strong user activity and resilience even amid financial headwinds.
The addition of Coinbase to the S&P 500 marks a significant moment not only for the company but also for the broader cryptocurrency industry, symbolizing growing acceptance and integration within the conventional financial ecosystem.