Coinbase Set to Join S&P 500, Shares Surge Over 8% After Hours
Crypto exchange Coinbase (COIN) saw its stock jump more than 8% in after-hours trading Monday following the announcement that it will be added to the S&P 500 index. The move is scheduled to take effect on May 19, replacing Discover Financial Services, which is being acquired by Capital One.
The S&P 500, a benchmark index representing 500 of the largest publicly traded U.S. companies across various sectors, includes corporate giants like Apple, Amazon, and Microsoft. Coinbase’s inclusion marks a major milestone for the crypto industry, signaling deeper integration into mainstream financial markets. The company, which trades on the Nasdaq, currently holds a market cap of roughly $53 billion.
“This puts COIN in virtually every retirement account and institutional portfolio in America,” said Juan Leon, senior investment strategist at Bitwise Asset Management. “S&P 500 inclusion will multiply the stock’s daily trading volume by seven times.”
Following the announcement, Coinbase shares surged as high as $225 in post-market trading, building on a 4% gain earlier in the day.
The listing marks a symbolic and practical victory for the digital asset space, granting broader exposure to crypto-focused equities through passive investment vehicles that track the index.
