Coinbase becomes first crypto company to join the S&P 500
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…
