Coinbase Joins S&P 500 in Landmark Moment for Crypto, Stock Soars

Coinbase (Nasdaq: COIN), the largest cryptocurrency exchange in the United States, is set to make history as the first pure-play crypto firm to be included in the prestigious S&P 500 index.

Shares of Coinbase are now around 11% up in after-hours trading following the news. The stock, which closed Monday at $207.22 (up 3.96%), traded as high as $229.90 in after hours, reflecting investor enthusiasm for this landmark inclusion. Coinbase will officially join the S&P 500 before the start of trading on May 19th, replacing Discover Financial Services in the benchmark index that tracks the financial performance of 500 leading publicly traded companies in the US.

Coinbase went public in a direct listing on the Nasdaq in April 2021, when shares opened at $381. Inclusion in the S&P 500 typically requires positive earnings in the most recent quarter and the sum of the prior four quarters, a metric that Coinbase has achieved despite the inherent fluctuations of the crypto space. The company reported adjusted net income of $527 million for the first quarter of 2025, although its total revenue of $2 billion was a decrease from the previous quarter.

Alesia Haas, chief financial officer of Coinbase, hailed the inclusion as a "monumental" moment for both the company and the broader crypto industry. In a statement , Haas said, "It’s been a monumental few months for crypto, with the election of a pro-crypto federal government, BTC and USDC reaching new all time highs, and now the inclusion of COIN as the first and only crypto company in the S&P 500, a well-respected benchmark for the US economy."

Haas further emphasized the significance of this milestone, stating, "Joining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading."

This news comes on the heels of Coinbase's recent announcement of its $2.9 billion acquisition of crypto derivatives exchange Deribit , a move aimed at significantly expanding its presence in the derivatives market. As previously reported, this acquisition is poised to position Coinbase as a comprehensive global platform for crypto trading.

While other companies listed in the S&P 500, such as Block, PayPal, and Visa, offer some crypto-related services, Coinbase stands out as the first pure-play cryptocurrency firm to be added to the index.