Coinbase will officially join the S&P 500 on May 19, replacing Discover Financial, which is being acquired by Capital One.
This announcement led to an immediate increase in COIN shares, rising over 9% after market close, reaching up to $227.
The entry of Coinbase into the index marks a historic recognition for the crypto industry among institutional investors.
Coinbase to Join S&P 500 Next Monday
It is a historical turning point for the crypto industry. Coinbase will officially integrate the prestigious S&P 500 index on May 19, replacing Discover Financial. The announcement triggered an immediate rush: COIN shares surged more than 9% after market close, reaching up to $227 in after-hours trading.
An Institutional Recognition for Crypto
The S&P 500, representing the 500 largest publicly traded companies in the US, now welcomes a pure-play blockchain actor for the first time. Coinbase, valued at nearly $53 billion and listed on the Nasdaq, joins giants like Apple, Microsoft, or Amazon in institutional investment portfolios, index ETFs, and retirement savings plans of millions of Americans.
According to Juan Leon, strategist at Bitwise, the message is clear: “COIN will be part of every American portfolio.” He anticipates a daily volume explosion, multiplied by seven, as funds replicating the index adjust their exposure.
Discover Out, Coinbase In
The vacancy left by Discover Financial, currently being acquired by Capital One, allows Coinbase to make its entry into an index that remains the barometer of Wall Street. This move is not just a technical adjustment: it symbolizes the definitive integration of digital assets into the traditional financial sphere.
A Confirmed Rise in Power
After already gaining nearly 4% during Monday’s trading day, COIN shares continued to rise in post-market, fueled by this announcement. By joining the benchmark index of the US markets, Coinbase gains a legitimacy that few crypto actors can claim today.
