Coinbase Becomes the First Crypto Firm to Join S&P 500

Coinbase Global Inc. will join the S&P 500 index, replacing Discover Financial Services, effective before the market opens on Monday, May 19. S&P Dow Jones Indices announced the change late Monday.

The move follows Capital One Financial’s acquisition of Discover Financial, a deal expected to close soon pending final conditions. 

Coinbase Stock Surges After S&P 500 Inclusion

Coinbase becomes the first cryptocurrency-focused company to be included in the S&P 500. Following the announcement, Coinbase shares rose more than 7% in after-hours trading.

The inclusion comes shortly after Coinbase agreed to acquire crypto derivatives exchange Deribit for $2.9 billion. The deal includes a $700 million cash payment, with the remainder in Class A stock, potentially delaying its finalization.

Despite the milestone, Coinbase’s latest earnings report showed mixed results. In Q1 2025, the company missed revenue expectations by $200 million.

However, platform engagement remains strong. USDC balances on Coinbase increased by 49% quarter-over-quarter, signaling resilience among its user base despite financial headwinds.

Coinbase’s addition to the S&P 500 marks a significant moment for the cryptocurrency industry’s growing integration into traditional finance.

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