May 13, 2025
Ibiam Wayas
Leading crypto exchange Coinbase (COIN) has been selected to be included in the benchmark S&P 500 index. Coinbase shares jumped over 24% following the news of the inclusion.
Coinbase will replace credit card issuer Discover Financial, which is being acquired by Capital One.
The change takes effect next Monday (May 19th), reportedly marking the first time a digital asset company is joining the S&P 500 index.
Coinbase is the first major cryptocurrency exchange to go public in the United States. The inclusion of COIN in the S&P 500 further extends the crypto exposure to institutional investors.
More importantly, analysts believe the development could encourage more crypto companies to go public and aim for inclusion across other benchmark indices.
"It is a watershed moment for Coinbase and the industry. It sets an example for other crypto companies to go public and earn a seat in the S&P 500," Oppenheimer analyst Owen Lau said.
Coinbase is currently the 308th largest company by market cap. COIN trades at $256.90 per share, with a market cap of $65.43 billion.
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