Coinbase正在加入标准普尔500指数 - 加密和美国经济的里程碑式时刻

这家耗资520亿美元的公司在美国经营最大的公开交易加密交易所，将取代Discover Financial ServicesDFS）COF）S＆P Global周一晚些时候表示。

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）将加入标准普尔500指数 - 不仅对公司，而且对美国经济本身而言，这是一个里程碑的时刻。

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.

这家耗资520亿美元的公司在美国经营着最大的公开交易加密交易所，将取代S＆P Global（NYSE：SPG）指数中的Discover Financial Services（NYSE：DFS）周一下旬表示。

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

这一更改将于5月19日星期一生效，为投资者提供不到三周的时间来购买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包容性的重要性远远超出了样板索引维护。投资者已经在社交媒体上和社交媒体上为这一新闻加油，周二上午的股票上涨了10％，而纳斯达克股票，道琼斯工业平均水平和纳斯达克股票的降低相比，股票上涨了。

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可能会从索引包容性产生的“强制需求”中受益，因为跟踪标准普尔股票的积极和被动资金都可以涉足其基准，以反映其基准 - 这是投资者在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.

这一举动的更大意义是一个文化时刻，加密货币（债券和股票”有时是令人难以忘怀的表弟 - 终于在华尔街的主桌子坐了座。

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

制作标准普尔500指数所需的东西（这并不容易）

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

标准普尔500指数不仅仅是索引。这是指数，长期以来被认为是美国公司合法性的黄金标准。

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.

它的目的是代表美国500个最有价值的公共贸易公司，因此可以反映更大经济的广度和深度。公司必须符合严格的标准：市值超过205亿美元，四分之三的持续盈利能力，高交易量以及至少50％可用于公共交易的股份。

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，即使检查这些盒子也是不够的。即使公司经常操纵自己的位置，也没有加入的应用程序。标准普尔道琼斯指数（NYSE：SPGI）的经济学家和指数分析师委员会决定哪些公司根据更广泛的经济趋势和市场格局的转变来进入或离开标准普尔500指数。

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，委员会成员的身份不是公开的，这是旨在防止游说和维护独立性的保障。通过这种方式，委员会添加Coinbase的决定标志着故意的机构判决。

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

加密基础设施？它不再是边缘。这是系统的一部分。它现在成为机构的一部分。

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.

对于Coinbase本身而言，胜利既是象征性的，又与有形的奖励相关。这是幸存的加密货币冬季，导航监管不确定性以及从零售专注的应用程序转移到服务机构和开发商的基础设施公司的奖励。对于大型股东来说，这也是一个潜在的现金机会，也是Coinbase公共上市的一年级的阳光最终章节的机会。

But skeptics haven't disappeared

但是怀疑者没有消失

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.

正如批评家很快指出的那样，Coinbase在很大程度上依赖于易变的加密交易量，直到最近才完成与SEC的争吵。有人认为，标准普尔的包容性更多地说明了标准和过程，而不是永久性 - 从长远来看，这可能会给Coinbase带来麻烦。

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.

尽管如此，一刻很重要。华尔街不必相信加密就可以接受它不会消失。同上零售投资者。一群MBA，博士学位和老华尔街手认为Coinbase是稳定且足够大的人，足以代表更大的美国经济。