Popular cryptocurrency company Coinbase Global has initiated plans to join the S&P 500 Index. By doing that, the company becomes the first crypto company to attain such a feat.
Coinbase will join the S&P 500 on May 19, 2025, replacing Discover Financial Services in the S&P 500, which is currently owned by Capital One. Reacting to the positive news, Coinbase shares soared 20%, accruing over $8 billion.
Analysts opine that the move benefits Coinbase and the broader crypto industry, cementing the legitimacy of cryptocurrency and fuelling mainstream adoption of digital currencies in traditional financial markets and commerce.