Coinbase Global Inc., the largest US cryptocurrency exchange, will be added to the S&P 500 Index in the latest milestone for the booming digital-asset industry.
Coinbase will be joining the S&P 500 next week, replacing Discover Financial Services in the index, according to an announcement by S&P Dow Jones Indices. The inclusion of Coinbase is a testament to the booming digital-asset industry and marks a significant step in the integration of cryptocurrency into mainstream markets.
The news was met with enthusiasm by crypto enthusiasts, who view it as a vindication of their faith in the industry. They helped President Donald Trump win the election in November, and their presence is now being felt in the composition of the S&P 500.
"It's a sign of the times," remarked Dan Dolev, senior payments analyst at Mizuho, highlighting the shift in market landscape. He further stated that this move signals the acceptance of crypto stocks into the mainstream investment sphere.
Coinbase's inclusion in the S&P 500 is a testament to the company's rapid growth and increasing market presence. As the largest US cryptocurrency exchange, Coinbase plays a pivotal role in facilitating cryptocurrency trading and providing digital asset services.
The company's shares rose sharply in after-hours trading following the announcement, reflecting the positive market sentiment towards Coinbase's upcoming presence in the renowned index.
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