Coinbase Global (COIN) will join the Standard and Poor's 500 (S&P500) index fund on May 19, financial information services platform S&P Global said in a recent statement.
The crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), S&P Global said on May 12.
S&P Global’s confirmation of Coinbase Global being inserted into the S&P 500. S&P Global
The S&P 500 is a stock market index that tracks the performance of 500 of the largest, publicly traded companies in the US, representing a broad measure of the overall US stock market.
Coinbase's inclusion in the S&P 500 should increase demand for its stock because index funds and exchange-traded funds that track the S&P 500 must buy COIN shares to mirror the index.
COIN shares immediately rose 8.8% to $225.4 in after-hours trading following the announcement, Google Finance data shows.
The crypto exchange joins Tesla and Block Inc. as the other large corporate Bitcoin holders currently in the index fund, which tracks an aggregate market cap of more than $49.8 trillion as of March 31.
Source: Michael Saylor
This is a developing story, and further information will be added as it becomes available.
