Coinbase joins S&P 500 in big moment for crypto and Wall Street
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Coinbase, the largest U.S. crypto exchange, officially joins the S&P 500 today (May 19), replacing Discover Financial Services (DFS-2.87%) following its acquisition by Capital One (COF-2.84%). The move marks a major moment of mainstream legitimacy for crypto, which until recently prided itself on being an alternative to the financial system.
Now? It’s embedded in it
With a market cap of $67 billion and shares up almost 30% since the announcement (although news of a hack has also broken since), Coinbase’s inclusion brings more than bragging rights. Passive index funds that track the S&P — and active managers who take it as their…
