Coinbase Global (COIN) shares jumped nearly 15% on Tuesday after the cryptocurrency exchange became the first digital asset player to be included in the benchmark S&P 500 index (SPY500). It will replace credit card issuer Discover Financial, which is being acquired by Capital One. The move will be effective before trading begins on May 19. The move marks a major milestone for a sector that was once restricted to the fringes of the financial world.
“It is a watershed moment for Coinbase and the industry. It sets an example for other crypto companies to go public and earn a seat in the S&P 500,” Oppenheimer analyst Owen Lau said. With surging institutional interest, crypto has rapidly moved into the mainstream, especially after President Donald Trump promised a lighter regulatory touch.
