Coinbase Stock Rockets 20% After S&P 500 Inclusion—Wall Street Suddenly Loves Crypto Again
COIN surges past $400 as institutional FOMO hits overdrive—the same suits who called Bitcoin a scam in 2022 are now front-running the index funds.
Behind the rally: Coinbase secures coveted S&P 500 slot, forcing pension funds to buy what they mocked. The ultimate ’if you can’t beat them, join them’ moment for TradFi.
Cynical take: Nothing legitimizes crypto faster than a chance for hedge funds to skim fees off retail investors chasing the pump.
Coinbase stock surges following upcoming launch on the S&P 500 index
Crypto exchange Coinbase will become the first crypto stock in the popular S&P 500. The exchange’s stock, COIN, will go live on the index beginning next Monday, according to a press release by the S&P Global Media Center.
COIN will replace Discover Financial Services, which Capital One Financing Corp recently acquired.
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.
The S&P 500, with a market cap of approximately $47 trillion, is a stock market index that tracks the performance of the 500 largest publicly traded companies in the United States. It serves as a broad representation of US stock and is often used as a benchmark to gauge the overall health of the equity market.
COIN’s inclusion in the index WOULD also grant larger financial players indirect access to investing in crypto stocks, potentially boosting crypto legitimacy among traditional investors.
The milestone follows years of legal battles between Coinbase and the Securities and Exchange Commission (SEC). The agency eventually dropped its lawsuit against the exchange in February.
"Imagine battling the SEC for years, only to ascend to the S&P 500 just months later. There’s no worthier steward of this victory than Coinbase," said Bitwise Head of Alpha Strategies Jeff Park in a Monday X post.
Coinbase CEO Brian Armstrong highlighted that the milestone signifies "crypto is here to stay."
COIN closed the day with a 3.96% gain, but surged over 10% in after-hours trading following the announcement.
