Coinbase to Join S&P 500 on May 19: COIN Price Gains Bullish Momentum

Coinbase stock will replace Discover Financial Services in the S&P 500 effective May 19, 2025.

Coinbase Global Inc (NASDAQ:COIN) will join the S&P 500 index on 19 May, replacing the Financial Services firm, according to a report by Bloomberg.

The move comes as Capital One Financial Corp (NYSE:COF) is buying the credit card lender and installment-payment lender, which is already a component of the S&P 500 index.

The development will see the large-cap company, which has a market valuation of about $50 billion, rise from a crucial support level of around $150. As a result, the COIN stock market is well positioned to rally beyond a crucial resistance level of around $348 in the near term.

In the daily timeframe, COIN’s MACD line recently crossed above the seton line, amid the growing bullish momentum confirmed by the rising histograms.

Furthermore, the company is heavily invested in Bitcoin and the wider altcoin market, which has signaled bullish momentum at the time of this writing. However, a consistent close below the recently established support level of around $150 will lead to further sell-off for COIN stock possibly towards the support level of around $116.

The listing of Coinbase shares on the S&P 500 index signals the growth and maturity of the cryptocurrency market and blockchain technology. According to a statement from S&P Dow Jones Indices announcing the rebalance, effective 19 May, Coinbase will replace the Financial Services firm in the large-cap benchmark.

The move will also see the U.S.-based multinational investment bank and financial services company expand its footprint in the digital asset space.

Earlier this year, the bank announced plans to launch a Bitcoin futures product for institutional clients by the third quarter of 2025.

Last year, the bank announced plans to offer a range of digital asset products and services to institutional clients in the second half of 2024.

The move will also see the bank expand its footprint in the digital asset space. Earlier this year, the bank announced plans to launch a Bitcoin futures product for institutional clients by the third quarter of 2025.

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