Coinbase Global will become the first-ever crypto company to be included in the benchmark index next week.
The San Francisco-based crypto exchange will replace Discover Financial Services in the S&P 500 on May 19, according to the release.
“Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history,” the firm stated on X.
As the saying goes…
“First they ignore you.
Then they laugh at you.
Then they fight you.
Then they add you to the S&P 500.”…or something like that.
— Coinbase ️ (@coinbase) May 12, 2025
Coinbase Stock Jumps
The S&P 500 is a coveted index for large companies opening up their stock to a broader investor base. It also provides exposure to passive funds that track the benchmark and actively managed funds that may have limitations on where they can invest.
Coinbase, the first major cryptocurrency company to go public in 2021, managed to report a profit for the last quarter, which is a requirement for inclusion in the S&P 500.
“This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along. Crypto is here to stay,” said Coinbase CEO Brian Armstrong.
He added two further thoughts: “Crypto is about to be in everyone’s 401 (k)” pension fund, and his goal is that in 5 to 10 years, “getting into the COIN50 index will feel as good as this.”
Two other thoughts:
1. Crypto is about to be in everyone’s 401k
2. My goal is that in 5-10 years, getting into COIN50 index will feel as good as this https://t.co/fXfk2tJ6g8— Brian Armstrong (@brianarmstrong) May 12, 2025
Coinbase shares jumped 11 in after-hours trading on May 12, to come just below $230, according to Google Finance.
However, the firm’s shares have had a tough year, falling 41 since the beginning of 2025 as the Trump administration’s trade tariffs have torn through stock markets.
The S&P 500 climbed 3.2 on Monday as the recovery from its early April slump continues, but the index remains down 37 since the beginning of this year.
Disappointing Q1
Last week, Coinbase reported a disappointing first quarter, citing a fall in crypto prices alongside the broader market, due to tariffs and economic uncertainty.
The crypto exchange reported a net income of $65.6 million, down from $1.18 billion a year earlier. However, revenue was up 24 to $2.03 billion from $1.64 billion in the same period a year ago.
Coinbase also announced plans earlier this month to buy Dubai-based crypto derivatives exchange Deribit for $2.9 billion in the largest crypto industry deal to date.
