The post Coinbase to Join S&P 500 on May 19: COIN Price Gains Bullish Momentum appeared first on Coinpedia Fintech News

Coinbase stock will replace Discover Financial Services in the S&P 500 effective May 19, 2025. COIN shares surged over 8 percent during Monday's after-hours trading session.

Coinbase Global (NASDAQ:COIN) shares surged more than 8 percent in after-hours trading on Monday after the company announced that it would be joining the S&P 500 on May 19. The company's shares closed the regular trading session at $207.08.

Coinbase will replace Discover Financial Services (NYSE:DFS) in the S&P 500, effective May 19, 2025, according to an announcement from S&P Dow Jones Indices.

The change follows the acquisition of Discover by Capital One Financial Corp (NYSE:COT), already a component of the S&P 500, the firm said.

The announcement was met with huge attention from the wider crypto community as many pointed out that the listing of Coinbase shares on the S&P 500 index further solidifies the growth and maturity of the cryptocurrency market and blockchain technology.

"Congratulations @Brian_Armstrong on $COIN being added to the S&P 500 Index. A major milestone for Coinbase and for Bitcoin," co-founder of Strategy Michael Saylor said in a post on X, formerly Twitter.

Coinbase Shares Set For New ATH

Following the announcement, COIN shares surged over 8 percent during Monday’s after-hours trading session to reach $225. The large-cap company, with a market valuation of about $50 billion, successfully rebounded from a crucial support level above $150.

As a result, the COIN stock market price is well positioned to rally further and eventually breach the 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.

Moreover, 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 closure 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.