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Coinbase Global to become first crypto exchange to join S&P 500 index
The S&P 500 is a market-capitalisation-weighted index that tracks 500 leading publicly traded companies in the US. With the inclusion, Coinbase will replace Discover Financial Services in the S&P 500.
"Coinbase Global Inc. (NASD: COIN) will replace Discover Financial Services (NYSE: DFS) in the S&P 500 effective prior to the opening of trading on Monday, May 19," said S&P Global in a release.
Notably, Capital One Financial Corp, which is also part of the S&P 500, is acquiring Discover Financial, with the deal expected to close soon, pending final conditions, said S&P Global.
Founded in 2012, Coinbase Global is the largest US-based cryptocurrency exchange and the world's biggest Bitcoin custodian as of 2024. The company offers a platform that allows people and institutions to trade, stake, secure, spend, and transfer crypto assets globally. Additionally, Coinbase provides essential infrastructure for on-chain activity and supports builders who believe that on-chain is the new online. As of May 19, 2025, Coinbase has a market capitalisation of $67.87 billion.
Ahead of its S&P 500 inclusion, Coinbase's shares rallied 9.01 per cent to settle at $266.46 per share on Friday, May 16, 2025. The company's shares have risen 7.3 per cent year-till-date.
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