Coinbase first crypto firm to join S&P 500
Shares in Coinbase jumped in pre-market trading on Tuesday on news that it will become the first cryptocurrency outfit to be included in the benchmark S&P 500 index.
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Coinbase replaces Discover Financial Services, which is being bought by Capital One, later this month.
Shares in the Coinbase rose by 10% in pre-market trading on the news, which is likely to see the firm benefit from funds that track the S&P 500 adding its stock to their portfolios.
Since going public in 2021, Coinbase has proved a volatile stock and is well down on the year, reflecting the ups and downs of the crypto…
