There is much to cheer for Coinbase, as the crypto exchange will become the first and only crypto company to be included into the S&P 500 Index next week. A filing by S&P Global stated that prior to the opening of trading on Monday, May 19, Coinbase Global Inc. (NASD: COIN) will replace Discover Financial Services (NYSE: DFS) in the S&P 500.
The inclusion also comes 3 years after Coinbase’s Nasdaq listing, where the exchange became the largest publicly traded pure-play crypto firm. Currently, there are 298 coins and 446 trading pairs available on the exchange. It now boasts a market value of roughly $53 billion.
Inclusion into the S&P 500 is a long drawn process. Companies must show positive earnings in the present quarterly earnings as well as the previous four quarters to qualify for S&P 500 inclusion. After the announcement, the Coinbase stock rallied in post market trade to finally close with close to 4% gains
Data from Refinitive
Coinbase was rather quirky in its response and took to X to post about this milestone. They were also grateful to everyone who made this feat achievable. “Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history,” their post read.
Coinbase joining the S&P 500 represents the formal integration of crypto into legacy capital structures. Strategy CEO and Bitcoin holder Michael Saylor congratulated the entire coinbase team on its achievement.