Coinbase Global Inc. (NASDAQ:COIN) is set to join the S&P 500, replacing Discover Financial Services (NYSE:DFS) in the benchmark index, according to a Monday announcement.
The inclusion of the largest U.S. crypto exchange will become effective before trading begins on May 19, according to a statement by S&P Dow Jones Indices.
This makes Coinbase the first company with cryptocurrency at its core to enter the coveted index that houses some of the most valuable stocks in the world, such as Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL).
Coinbase went public on April 14, 2021, through a direct listing on the Nasdaq under the ticker COIN. The company had a market capitalization of nearly $53 billion at the time of writing.
According to Slickcharts, Discover, which will be delisted, had a 0.1% weight in the index.
“This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along,” said CEO Brian Armstrong.
The company reported disappointing first-quarter financial results last week, missing the revenue and earnings expectations.
Coinbase shares rose 10.9% in after-hours trading on Monday after closing 3.96% higher at $207.22 during Monday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has lost 16.54% of its value.
COIN ranked high on growth, an indicator of a stock’s combined historical expansion in earnings and revenue across multiple periods. To check how other cryptocurrency-related stocks stack up against COIN, visit Benzinga Edge Stock Rankings.
