Crypto exchange Coinbase Global (COIN) is set to join the Standard and Poor\u2019s 500 (S&P 500) on May 19, becoming the first and currently only crypto firm to make it into the index. <\/p>\n
The crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), S&P Global said<\/a> on May 12.S&P Global\u2019s confirmation of Coinbase Global being inserted into the S&P 500. <\/em>S&P Global<\/em><\/a><\/p>\n The S&P 500 is a stock market index that tracks the performance of 500 of the largest, publicly traded companies in the US, representing a broad measure of the overall US stock market.<\/a><\/p>\n Coinbase\u2019s inclusion in the S&P 500 should increase demand for its stock because index funds and exchange-traded funds<\/a> that track the S&P 500 must buy COIN shares to mirror the index.<\/p>\n The S&P 500 tracked an aggregate market cap of $49.8 trillion as of March 31. It is a market-cap-weighted index, giving more weight to larger firms such as Microsoft, Apple, and Nvidia. The bottom 400 companies, where Coinbase will likely be, are typically weighted between 0.01% and 0.2% of the overall index.<\/p>\n COIN shares<\/a> immediately rose 8.8% to $225.4 in after-hours trading following the announcement, Google Finance data<\/a> shows. The company also finished the March 12 trading day up 4%, bringing its market cap to $52.8 billion.<\/p>\n Coinbase chief financial officer Alesia Haas said<\/a> the inclusion marked a \u201cmajor milestone\u201d for Coinbase and the broader crypto industry.<\/p>\n \u201dJoining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading.\u201d<\/p>\n Related: <\/strong><\/em>$45 million stolen from Coinbase users in the last week \u2014 ZachXBT<\/strong><\/em><\/a><\/p>\n The crypto exchange joins Tesla (TSLA) and Block Inc. (SQ) as large corporate Bitcoin holders currently in the index fund. <\/p>\n Bitcoin-stacking firm Strategy (MSTR) was also\u00a0seen as an S&P 500 candidate<\/a>\u00a0last year. However, firms seeking entry must have been profitable in the last calendar year and the most recent quarter to qualify.<\/p>\n Strategy posted a net loss of $4.2 billion<\/a> for the first quarter of 2025 on May 1, suggesting it won\u2019t be included any time soon.<\/p>\n Inclusion into the S&P 500 also requires companies to be trading on a large US stock exchange, such as the New York Stock Exchange or Nasdaq, generating at least half of their revenues in the US, and\u00a0having<\/a> a market cap above $18 billion. Strategy satisfies these other requirements.<\/p>\n Source: <\/em>Michael Saylor<\/em><\/a><\/p>\n