Coinbase Global Inc. will be included in the S&P 500 index effective May 19, 2025, replacing Discover Financial Services.
Changes in S&P 500
According to the announcement, Coinbase Global Inc. will replace Discover Financial Services in the S&P 500, which tracks large-cap companies in the U.S. Discover is being acquired by Capital One Financial Corp.
Reactions to the Announcement
The announcement garnered significant attention from the crypto community, including Michael Saylor, co-founder of Strategy. These changes are seen as a sign of the growth and maturity of the crypto market.
Outlook for Coinbase Shares
Following the announcement, COIN shares surged over 8 percent in after-hours trading, hovering around $225. With a market capitalization of approximately $50 billion, the company rebounded from a support level above $150.
Coinbase's inclusion in the S&P 500 reflects the increasing significance of cryptocurrencies in the financial market. The future of the company's shares will depend on its ability to maintain support levels.
