Coinbase Joins S&P 500: A Crypto Milestone
Coinbase has made history by becoming the first crypto company to join the S&P 500. This proclamation, made by S&P Global on May 12, will take effect on May 19. Coinbase will replace discover Financial Services, recently acquired by Capital One.
After the news, Coinbase’s shares (COIN) soared by 8.8% in after-hours trading. The exchange, founded in 2012, is the largest U.S.-based crypto platform. It has been listed on the Nasdaq since 2021. Despite a tough year for crypto stocks,Coinbase reported a net income of $65.6 million in Q1. Revenue also increased by 24% year-over-year to $2.03 billion.
Coinbase CEO Brian Armstrong celebrated on X, stating, “Crypto is here to stay.” The company echoed this sentiment, quoting a famous saying about the journey of innovation.
Inclusion in the S&P 500 usually increases a company’s visibility.index-tracking funds must buy its shares. Coinbase now joins tech giants like Apple and Nvidia. It will be in the lower tier of the index, with a weighting between 0.01% and 0.2%. This marks a notable moment for digital assets.
Coinbase now shares S&P 500 status with Bitcoin holders like Tesla and Block. Strategy, though, missed out after posting a $4.2 billion net loss in Q1 2025.
