Coinbase Global Inc. (NASDAQ:COIN) is set to join the Standard & Poor's 500 index, replacing Discover Financial Services (NYSE:DFS), according to an announcement from S&P Dow Jones Indices on Monday. The inclusion will be effective before the market opens on Monday, May 19.
Coinbase becomes the first cryptocurrency-focused company to be inducted into the S&P 500. Following the announcement, Coinbase shares surged over 7% in extended hours of trading.
The move follows Capital One Financial (NYSE:COF)’s pending acquisition of Discover Financial. The deal, which is expected to close soon pending final conditions, will see Discover Financial exit the S&P 500.
Coinbase’s inclusion comes shortly after the company reached a deal to buy crypto derivatives exchange Deribit for $2.9 billion. The integration price includes a $700 million cash payment and the balance in Class A stock, which could delay the finalization of the deal further.
Coinbase’s latest earnings report, however, showed mixed results. For Q1 2025, the company missed revenue expectations by $200 million.
Despite this setback, there are signs of strength in Coinbase’s operations. Platform engagement remains high, with USDC balances on Coinbase surging 49% from the prior quarter. This resilience in user activity underscores Coinbase’s ability to navigate financial headwinds.
As Coinbase joins the S&P 500, it marks a turning point in the cryptocurrency industry's integration with traditional finance.
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