Potential S&P 500 stock stages a surprising comeback
Coinbase jumps 9% after S&P 500 inclusion news, brushing off SEC probe and investor unease over user data.
Even with regulatory inquiries and investor skepticism, Coinbase Global Inc. (Nasdaq: COIN) — the largest crypto exchange in the U.S.— soared 9.01% on May 16, closing at $266.46.
The jump was bolstered just days before the S&P Dow Jones Indices announced Coinbase’s relocation into the S&P 500 index on May 19.
Caption:
Coinbase shares soared 9% to $266.46 on May 16, boosted by S&P 500 inclusion despite ongoing SEC scrutiny.
Nonetheless, there are new headwinds for the rally. On May 15, reports surfaced that the U.S. Securities and Exchange Commission (SEC) is investigating whether Coinbase misrepresented user numbers in past…
