Key Insights
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Coinbase will join the S&P 500 on May 19, becoming the first crypto-native company included in the index, replacing Discover Financial Services following its acquisition by Capital One.
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COIN shares jumped nearly 9% after the announcement, as index-tracking funds are expected to buy the stock, boosting demand and visibility among institutional investors.
NEW YORK (MarketsXplora) – Coinbase Global Inc (Nasdaq: COIN) is set to join the S&P 500 index on May 19, becoming the first cryptocurrency company to be included in the benchmark index of the largest publicly traded U.S. firms, S&P Global said late Monday.
The cryptocurrency exchange will replace Discover Financial Services (NYSE: DFS), which is being acquired by Capital One Financial Corp (NYSE: COF). Discover is expected to be delisted following the completion of the acquisition.
Coinbase’s inclusion reflects growing mainstream recognition of the crypto sector and comes as the company continues to expand its footprint within the financial industry. It will be listed under the financials sector of the S&P 500, joining other major players such as Tesla Inc (NASDAQ: TSLA) and Block Inc (NYSE: SQ), both known for their substantial Bitcoin holdings.
Coinbase Stock Surges After S&P 500 Inclusion Announcement
The market responded swiftly to the news. Coinbase shares rose 9.30% in after-hours trading, reaching $207.22, according to Google Finance data.
Earlier in the day, shares had already gained 4% amid easing trade war concerns and broader market optimism. The combined rally brought the company’s market capitalization to $52.8 billion.
Despite being down about 27% over the past six months, Coinbase stock has gained more than 17% in the last month, excluding the latest after-hours jump.
Chief Financial Officer Alesia Haas described the move as a significant achievement for the company and the wider digital asset space.
“Joining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading,” Haas said.
What Coinbase’s S&P 500 Membership Means for the Crypto Industry
Inclusion in the S&P 500 is expected to boost demand for Coinbase shares, as index funds and ETFs that track the benchmark must purchase COIN stock to mirror its composition. The S&P 500, a market-cap-weighted index, tracked a combined market capitalization of $49.8 trillion as of March 31.
Larger companies such as Microsoft, Apple, and Nvidia exert greater influence over the index due to their size. Coinbase, likely to be ranked among the bottom 400 constituents, will carry a relatively small weight of between 0.01% and 0.2%. Nonetheless, firms of this size play a critical role in the index’s diversification.
Beyond increased liquidity, inclusion may attract new institutional investors. Many funds are permitted to invest only in S&P 500 constituents, positioning Coinbase to gain from expanded exposure and long-term capital flows.
Increased Demand Expected for Coinbase Shares as Index Funds Buy In
To be eligible for inclusion, companies must meet several requirements, including a minimum market cap of $18 billion, a listing on a major U.S. exchange, majority revenue generation in the U.S., and recent profitability. Coinbase met these benchmarks, including profitability in the last calendar year and most recent quarter—requirements that disqualified other crypto-related firms like MicroStrategy (MSTR), which posted a $4.2 billion net loss in Q1 2025.
The move solidifies Coinbase’s standing among the top tier of American corporations and underscores the increasing integration of digital assets into traditional finance.
The S&P 500 announcement follows Coinbase’s recent agreement to acquire crypto options platform Deribit in a $2.9 billion transaction. The deal includes $700 million in cash and 11 million shares of Coinbase Class A common stock, further signaling the company’s ambition to broaden its crypto trading offerings.