Coinbase Global Inc. became the first cryptocurrency company to join the S&P 500 on May 12, 2025, a milestone that underscores the growing acceptance of digital assets in traditional finance as Bitcoin surpassed $100,000 last week.
Coinbase replaces Discover Financial Services in the S&P 500, effective before trading on May 19, 2025, following Discover’s acquisition by Capital One Financial, according to a CNBC report.
The crypto exchange reported a net income of $65.6 million, or 24 cents per share, for its latest quarter, down from $1.18 billion, or $4.40 per share, a year earlier. Despite the profit decline, revenue grew 24% to $2.03 billion, driven by heightened trading activity.
Shares of Coinbase surged 8% in extended trading after the announcement, reflecting investor optimism.
The inclusion in the S&P 500, a benchmark index tracked by institutional investors and 401(k) plans, is expected to draw significant capital to the crypto sector.
“This is a big deal,” said Emilie Choi, Coinbase president, in a post on X, thanking customers, employees, and investors for their support.
Crypto: welcome to the S&P 500! This is a big deal. The S&P 500 is arguably the most tracked & influential index in the world, is a 401(k) cornerstone, and a magnet for institutional capital. It’s a great day for @coinbase – our customers, employees, retail and institutional…
— Emilie Choi 🛡️ (@emiliemc) May 12, 2025Recent Posts
The milestone aligns with broader trends in blockchain adoption. A March 2025 World Economic Forum report highlights that tokenization—converting assets into blockchain-based digital tokens—could unlock $230 trillion in collateral by enabling 24/7 markets and instant settlement, far exceeding the current $25 trillion eligible for use. This technology bridges traditional finance and crypto, enhancing liquidity and efficiency.
Industry leaders praised the move, with Michael Saylor, chairman of MicroStrategy, calling it a “major milestone for Bitcoin” in an X post.
Bitcoin traded at $102,700 on May 13, 2025, up 1.2% in the past 24 hours, with a market capitalization of $2.01 trillion, according to CoinMarketCap. Coinbase’s trading volume also rose 15% in the last day, reaching $3.8 billion, per company data.
The announcement follows Coinbase’s $2.9 billion acquisition of Dubai-based Deribit, a crypto derivatives platform, on May 8, 2025, marking the industry’s largest corporate deal to date.
The acquisition aims to expand Coinbase’s global footprint amid increasing regulatory scrutiny. Analysts say this S&P 500 inclusion could pave the way for further crypto integration into mainstream finance, though challenges like market volatility and regulatory uncertainty remain.
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