Coinbase正在加入標準普爾500指數 - 加密和美國經濟的里程碑式時刻

這家耗資520億美元的公司在美國經營最大的公開交易加密交易所，將取代Discover Financial ServicesDFS）COF）S＆P Global週一晚些時候表示。

Coinbase(NASDAQ:COIN) is set to join the S&P 500 — a milestone moment not just for the company but arguably for the American economy itself.

Coinbase（NASDAQ：COIN）將加入標準普爾500指數 - 不僅對公司，而且對美國經濟本身而言，這是一個里程碑的時刻。

The $52 billion company, which runs the largest publicly traded crypto exchange in the U.S., will replace Discover Financial Services(NYSE:DFS) in the index, S&P Global (NYSE:SPG) said late Monday.

這家耗資520億美元的公司在美國經營著最大的公開交易加密交易所，將取代S＆P Global（NYSE：SPG）指數中的Discover Financial Services（NYSE：DFS）週一下旬表示。

The change will take effect on Monday, May 19, giving investors less than three weeks to buy up the necessary shares of Coinbase.

這一更改將於5月19日星期一生效，為投資者提供不到三週的時間來購買Coinbase的必要股份。

But the significance of Coinbase’s inclusion goes well beyond boilerplate index maintenance. Investors are already cheering the news both on and off social media, with shares up 10% premarket Tuesday morning compared to modest declines in the Nasdaq, Dow Jones Industrial Average, and yes, the S&P 500 itself.

但是，Coinbase包容性的重要性遠遠超出了樣板索引維護。投資者已經在社交媒體上和社交媒體上為這一新聞加油，週二上午的股票上漲了10％，而納斯達克股票，道瓊斯工業平均水平和納斯達克股票的降低相比，股票上漲了。

For starters, Coinbase is likely to benefit from the “forced demand” that index inclusion creates, as both active and passive funds which track the S&P suck up shares in order to mirror their benchmark — a major reason investors are likely jumping aboard ahead of the company’s May 19 inclusion date.

首先，Coinbase可能會從索引包容性產生的“強制需求”中受益，因為跟踪標準普爾股票的積極和被動資金都可以涉足其基準，以反映其基準 - 這是投資者在5月19日的包含日期之前登上的主要原因。

The larger significance of the move is a cultural moment in which crypto — bonds’ and equities’ sometimes-creepy cousin — finally gets a seat at Wall Street’s main table.

這一舉動的更大意義是一個文化時刻，加密貨幣（債券和股票”有時是令人難以忘懷的表弟 - 終於在華爾街的主桌子坐了座。

What it takes to make the S&P 500 (it’s not easy)

製作標準普爾500指數所需的東西（這並不容易）

The S&P 500 isn’t just an index. It’s the index, long considered the gold standard of American corporate legitimacy.

標準普爾500指數不僅僅是索引。這是指數，長期以來被認為是美國公司合法性的黃金標準。

It’s meant to represent the 500 most valuable publicly traded companies in the U.S. and, as such, to reflect the breadth and depth of the larger economy. Companies must meet strict criteria: a market cap over $20.5 billion, consistent profitability over four quarters, high trading volume, and at least 50% of shares available for public trading.

它的目的是代表美國500個最有價值的公共貿易公司，因此可以反映更大經濟的廣度和深度。公司必須符合嚴格的標準：市值超過205億美元，四分之三的持續盈利能力，高交易量以及至少50％可用於公共交易的股份。

However, even checking those boxes isn’t enough. There’s no application to join, even though companies often maneuver to position themselves for spots. A committee of economists and index analysts at S&P Dow Jones Indices(NYSE:SPGI) decides which companies enter or leave the S&P 500 based on broader economic trends and shifts in the market landscape.

但是，即使檢查這些盒子也是不夠的。即使公司經常操縱自己的位置，也沒有加入的應用程序。標準普爾道瓊斯指數（NYSE：SPGI）的經濟學家和指數分析師委員會決定哪些公司根據更廣泛的經濟趨勢和市場格局的轉變來進入或離開標準普爾500指數。

What’s more, the identities of the committee members aren’t public, a safeguard intended to prevent lobbying and preserve independence. In this way, the committee’s decision to add Coinbase signals a deliberate institutional judgment.

更重要的是，委員會成員的身份不是公開的，這是旨在防止遊說和維護獨立性的保障。通過這種方式，委員會添加Coinbase的決定標誌著故意的機構判決。

Crypto infrastructure? It’s no longer fringe. It’s part of the system. It’s becoming part of the establishment now.

加密基礎設施？它不再是邊緣。這是系統的一部分。它現在成為機構的一部分。

For Coinbase itself, the win is both symbolic and tied to tangible rewards. It’s a reward for surviving crypto’s brutal winters, navigating regulatory uncertainty, and shifting from a retail-focused app to an infrastructure firm serving institutions and developers. It’s also a potential cash-in opportunity for large shareholders and the chance for a sunny final chapter in what's been a rocky year one for Coinbase's public listing.

對於Coinbase本身而言，勝利既是像徵性的，又與有形的獎勵相關。這是倖存的加密貨幣冬季，導航監管不確定性以及從零售專注的應用程序轉移到服務機構和開發商的基礎設施公司的獎勵。對於大型股東來說，這也是一個潛在的現金機會，也是Coinbase公共上市的一年級的陽光最終章節的機會。

But skeptics haven't disappeared

但是懷疑者沒有消失

As critics are quick to point out, Coinbase relies heavily on volatile crypto trading volumes and has only recently finished its tussle with the SEC. Some argue the S&P inclusion says more about criteria and process than permanence—implications that could spell trouble for Coinbase in the long run.

正如批評家很快指出的那樣，Coinbase在很大程度上依賴於易變的加密交易量，直到最近才完成與SEC的爭吵。有人認為，標準普爾的包容性更多地說明了標準和過程，而不是永久性 - 從長遠來看，這可能會給Coinbase帶來麻煩。

Still, the moment matters. Wall Street doesn't have to believe in crypto to accept that it's not going away. Ditto retail investors. That a group of MBAs, PhDs, and old Wall Street hands sees Coinbase as stable and large enough to represent the larger U.S. economy is a sea change.

儘管如此，一刻很重要。華爾街不必相信加密就可以接受它不會消失。同上零售投資者。一群MBA，博士學位和老華爾街手認為Coinbase是穩定且足夠大的人，足以代表更大的美國經濟。