Coinbase to Become First Crypto Company to Join S&P 500
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Coinbase Global, the largest cryptocurrency exchange in the US, is set to join the S&P 500 Index, marking a major milestone for the rapidly growing digital asset industry.
The company will replace Discover Financial Services in the index before trading starts on May 19, according to S&P Dow Jones Indices. Shares of Coinbase rose 13% in after-hours trading on May 12.
Crypto enthusiasts view Coinbase’s inclusion as a significant win. “It’s a sign of the times,” said Dan Dolev, senior payments analyst at Mizuho. “It’s the welcoming of crypto stocks to the mainstream.”
This addition follows Capital One Financial’s acquisition of Discover Financial Services, a deal that establishes the largest credit-card issuer by loan volume in the US.
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