Coinbase becomes first crypto company to join the S&P 500
By: bitcoin ethereum news|2025/05/13 13:45:04
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Coinbase has made history, becoming the first crypto company to join the S&P 500. The move, announced on May 12 by S&P Global, will take effect next Monday, May 19. The exchange will replace Discover Financial Services, which was recently acquired by Capital One. Following the announcement, shares of Coinbase (COIN) jumped 8.8% in after-hours trading, as per Google Finance data. Coinbase is the largest U.S.-based cryptocurrency exchange. It was founded in 2012 and has been listed on the Nasdaq since 2021. Despite a difficult year for cryptocurrency stocks, the company recently reported net income of $65.6 million for Q1. Because of this, it is eligible to be included in the S&P 500, which requires consistent profitability. Revenue also climbed 24% year-over-year to $2.03 billion. Coinbase CEO Brian Armstrong celebrated the moment on X, writing: “Crypto is here to stay.” In another post, the company added: “First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500...” As the saying goes... “First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500.” ...or something like that. — Coinbase ️ (@coinbase) May 12, 2025 Inclusion in the S&P 500 typically boosts a company’s exposure, as index-tracking funds must purchase its shares. Coinbase now joins heavyweights like Apple and Nvidia in the benchmark index, which tracked a total market cap of $49.8 trillion as of Mar. 31. The exchange is expected to be in the lower tier of the index, which comprises companies with a weighting of between 0.01% and 0.2%. Still, the milestone marks a turning point for digital assets. Coinbase now shares S&P 500 status with fellow Bitcoin (BTC) holders Tesla and Block. Notably absent is Strategy, which failed to qualify after posting a $4.2 billion net loss in Q1 2025. Source: https://crypto.news/coinbase-stock-jumps-8-as-it-becomes-first-crypto-company-to-be-included-in-sp-500/
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