A Crypto Company Made it to the S&P 500

Coinbase is set to be added to the S&P 500, replacing Discover Financial Services, according to an announcement on Monday.

The change will take effect before markets open on May 19, as Discover awaits regulatory approval for its acquisition by Capital One. Following the news, Coinbase shares surged 8% in after-hours trading.

The inclusion marks a significant milestone for the crypto exchange, which went public via direct listing in 2021.

As the saying goes… “First they ignore you. Then they laugh at you. Then… | Coinbase | 112 comments

As the saying goes… “First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500.” …or something like that. Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history. | 112 comments on LinkedIn

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While Coinbase stock remains well below its 2021 peak of over $357, it closed Monday at $207.22, with a market cap of $53 billion.

Coinbase recently reported Q1 2025 net income of $65.6 million, with revenue rising 24% year-over-year to $2.03 billion.

The company also announced the $2.9 billion acquisition of Dubai-based Deribit, a major crypto derivatives exchange, as part of its global expansion strategy.

Earlier today, the Dubai government announced that it will start accepting cryptocurrencies as payments through crypto.com.

"Dubai Finance (DOF) has signed a Memorandum of Understanding (MoU) with Crypto.com, a globally recognised cryptocurrency trading platform, to enable the payment of government service fees using cryptocurrencies—an initiative that marks a significant step in advancing digital finance on a global scale," the government in Dubai said.

Recently, Bitcoin surged to cross $100,000 for the first time in three months. Its value dropped to $75,000 when U.S. President Donald Trump announced increasing tariffs.