The S&P 500 just added this crypto stock and its shares are soaring
The addition is considered a major milestone for crypto stocks.
The S&P 500 added a new member to its ranks, Coinbase Global (NASDAQ: COIN), the leading platform for cryptocurrency trading.
Coinbase will start trading on the S&P 500 on May 19. It will replace Discover Financial (NYSE: DFS), the credit card company that is set to be acquired by Capital One Financial (NYSE: COF) on May 18.
Coinbase shares were soaring on the announcement, as the stock was the top performer on Tuesday, rising a massive 25% on the day.
When it joins the S&P 500 on May 19, Coinbase will be the first crypto stock ever to be listed on the large-cap benchmark.
“We are honored to be included and grateful for this recognition,” Coinbase Chief…
