Coinbase (COIN) stock jumps in after-hours trading on S&P 500 inclusion

Shares of Coinbase Global (COIN) jumped in after-hours trading Monday on the news that the crypto exchange would be added to the S&P 500.

Shares of Coinbase (NASDAQ:COIN) jumped in after-hours trading Monday on the news that the crypto exchange would be added to the S&P 500.

The stock, which had risen roughly 4% during an upbeat regular session driven by trade-related optimism, was recently up more than 9% , indicating a move toward share prices last seen in January. Bitcoin (BTC/USD) , the leading cryptocurrency, recently changed hands around $102,980.

“Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history,” Coinbase said in a message on the social network X.

Coinbase will replace Discover Financial Services (NYSE:DFS) in the benchmark index before trading opens next Monday, according to S&P Dow Jones Indices. Discover is set to merge with Capital One Financial (NYSE:COF) after their deal got the regulatory go-ahead in April.

Shares of Coinbase are down about 17% in 2023 through Monday’s close. The company has a market cap of roughly $50.8 billion, according to Visible Alpha data.