Coinbase stock officially joins S&P 500, cementing milestone for company and crypto industry
Coinbase (COIN) on Monday became the first and only cryptocurrency platform to see its shares join the benchmark S&P 500 (^GSPC) index, a milestone crypto bulls cheered during what became a busy week of developments for the company.
Coinbase stock was down less than 1% shortly on Monday; shares are up more than 25% since news broke a week ago the company would join the index.
“Coinbase joining the S&P 500 means crypto’s here to stay,” Coinbase CEO Brian Armstrong told Yahoo Finance last Wednesday.
“It’s going to be in everybody’s 401(k). Everyone’s going to have crypto exposure, you know, at least indirectly through Coinbase, which is great. And it’s also a symbol that crypto is updating the financial system,” he added.
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