- Coinbase has become the first crypto company to join the S&P 500, replacing Discover Financial Services.
- The announcement sent COIN stock soaring over 8%, marking a major milestone for the crypto industry.
Coinbase has etched its name in the history books by becoming the first-ever crypto company to join the S&P 500, marking a watershed moment for the digital asset industry. The announcement has sent COIN stock surging more than 8%, reflecting investor excitement over the milestone.
The crypto exchange will replace Discover Financial Services in the prestigious index ahead of the market opening on Monday, May 19. Discover’s removal follows its acquisition by Capital One Financial. Coinbase will continue trading under its current ticker, COIN, offering the company broader exposure and potentially greater institutional interest.
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With this move, Coinbase is no longer just a crypto company—it’s now part of one of the most influential stock market indices in the world. Nasdaq data shows that COIN is trading around $224, up over 17% in the past month, despite being down 16% year-to-date.
The news comes on the heels of Coinbase’s recent announcement of its $2.9 billion acquisition of Deribit, the largest M&A deal in crypto history. The move further signals Coinbase’s ambitions to expand its dominance across digital asset markets.
Industry leaders have praised the development. Michael Saylor, founder of MicroStrategy and a noted Bitcoin advocate, congratulated Coinbase and CEO Brian Armstrong, calling it a major milestone for both the company and the broader crypto ecosystem.
Armstrong responded on X (formerly Twitter), highlighting the significance of the moment: “Coinbase just became the first and only crypto company to join the S&P 500. This milestone proves what believers have known all along—crypto is here to stay.”
Emilie Choi, Coinbase’s COO, echoed the sentiment, calling it a “big deal” and noting that the S&P 500 is a “magnet for institutional capital.”
As Coinbase breaks into mainstream finance’s most elite circle, it not only validates the crypto industry’s maturity—it also sets the stage for other blockchain firms to follow.
