Coinbase Global Inc NASDAQ:COIN has officially joined the S&P 500 index

By Dovile Silenskyte, Director, Digital Assets Research, WisdomTree

Coinbase (NASDAQ:COIN) has officially joined the S&P 500 index, marking a significant milestone in the integration of crypto into mainstream finance.

The premier crypto exchange’s inclusion was announced by S&P Dow Jones Indices, the organization responsible for maintaining the renowned benchmark.

To be eligible for the S&P 500, companies must meet specific criteria, including substantial market capitalization, consistent profitability, and sufficient public float—all of which Coinbase has achieved.

Coinbase meets and exceeds the S&P 500 bar

Source: WisdomTree, S&P U.S. Indices Methodology – March 2025.

The inclusion of Coinbase in the S&P 500 is a testament to the strength and resilience of the crypto industry. Despite facing significant challenges such as the 2022–2023 bear market and stringent regulations, crypto has persevered and continues to break new ground.

This milestone also comes at a critical juncture in the market. Bitcoin has once again breached the $100,000 threshold, driving renewed bullish sentiment among investors.

At the same time, altcoins have been performing strongly, capitalizing on fresh inflows from investors.

Crypto performance in Q2 2025

Source: Artemis Terminal, WisdomTree. 13 May 2025. Indexed to 100 on 31 March 2025.

While the market has shown signs of recovery since the March 2023 lows, any investment may go down in value.

Coinbase’s inclusion in the S&P 500 grants institutional weight to the rally. It now joins the ranks of Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), and JP Morgan (NYSE:JPM), helping to anchor passive flows from the trillions of dollars benchmarked to the S&P 500 index.

This provides not only increased visibility but also sticky capital with structural significance.

Moreover, Coinbase has dispelled the old narrative of crypto unreliability. After being battered by a brutal bear market and stringent regulatory pressure during the 2022–2023 period, the exchange has emerged leaner, more focused, and more diversified.

Coinbase has slashed costs, attracted rising institutional flows, and leaned into non-trading revenues such as staking, custody, and blockchain infrastructure.

This operational discipline has paid off, with Coinbase delivering significant GAAP profits by 2024—a critical credential for S&P 500 inclusion.

Coinbase has not only survived the volatility but also mastered it, showcasing the remarkable staying power of crypto.

For the crypto-curious institutional investor, this milestone removes another barrier. If Coinbase is now “S&P 500 material,” then crypto infrastructure is no longer fringe but part of the establishment.

This also raises the stakes for traditional financial firms. If a crypto-native company is embedded in the U.S. corporate canon, legacy incumbents who have been slow to adapt should take note.

Wall Street is no longer just watching from the sidelines; it is participating, allocating, and now passively exposed.

Coinbase entering the S&P 500 marks the clearest institutional validation yet of crypto’s staying power. This is not just a win for Coinbase but also a win for the broader digital asset ecosystem.

Crypto is no longer knocking at Wall Street’s door; it has been handed the keys. Bitcoin is above six figures, altcoins are rallying, and now crypto infrastructure is embedded in the world’s most iconic equity index.

The next chapter of adoption is not coming; it is already underway.