Coinbase Joins S&P 500

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Coinbase is poised to become the first pure-play crypto firm included in the prestigious S&P 500 index.

Following the announcement, shares of Coinbase surged approximately 11% in after-hours trading. The stock, which closed on Monday at $207.22 (a 3.96% increase), climbed to as high as $229.90, reflecting investor excitement over this significant inclusion.

Coinbase will officially join the S&P 500 before trading begins on May 19th, replacing Discover Financial Services in the index that tracks the performance of 500 leading publicly traded companies in the US.

Coinbase went public through a direct listing on the Nasdaq in April 2021, with shares opening at $381. Inclusion in the S&P 500 typically requires positive earnings in the most recent quarter and the sum of the previous four quarters—a criterion Coinbase has met despite the crypto market’s volatility.

The company reported an adjusted net income of $527 million for Q1 2025, though its total revenue of $2 billion marked a decrease from the prior quarter.