Coinbase, the leading cryptocurrency exchange, has joined the S&P 500 Index to become the first cryptocurrency company to be listed among America’s top 500 publicly traded firms.
On May 12, S&P Dow Jones Indices announced that Coinbase will be added to the S&P 500 index on May 19. The crypto exchange is replacing Discover Financial Services, which was removed after its recent acquisition by Capital One.
Coinbase climbs to market powerhouse
The announcement led to a nearly 11 percent surge in the top U.S. crypto exchange shares during after-hours trading. The move is being celebrated across the crypto industry as a major step toward mainstream acceptance.
“It’s a sign of the times,” said Dan Dolev, a senior payments analyst at Mizuho. “It’s the welcoming of crypto stocks to mainstream.”
The company went public in 2021 through a direct listing and has become a key player in the digital asset space. Today, it is valued at over $53 billion.
The leading crypto firm meets the strict requirements needed to be part of the S&P 500, including being profitable, having strong liquidity, and maintaining a large public float.
“This is a strong signal that digital assets are moving firmly into the financial mainstream. This reflects a broader shift in how traditional markets are beginning to recognize and integrate crypto infrastructure.” said David Schassler, head of multi-asset solutions at VanEck.
Though the firm’s stock has increased by 260 percent over the last two years, 2025 has been more challenging. The company’s net income fell 94 percent to $66 million in the first quarter, but its revenue still grew by 24 percent compared to last year.
Coinbase’s rise is happening during a period of renewed support for crypto under President Donald Trump’s administration.
“You’re seeing all these crypto-related SEC cases being dropped very rapidly. “There’s no sense of urgency to go and start over-regulating because it seems like you have a very friendly administration.” said Mizuho’s Dolev.
Alongside the S&P 500 news, the firm also announced it plans to acquire Deribit, the world’s largest Bitcoin and Ether options exchange, for $2.9 billion.
Coinbase CFO Alesia Haas called the inclusion in the S&P 500 a major milestone for the company and the crypto industry. “This prestigious index shows how far Coinbase and the industry have come,” she said.
The company celebrates this significant milestone
Joining the S&P 500 means index-tracking investment funds will now have to buy the company shares, increasing their exposure and importance in financial markets.
Also, they will join other crypto-involved businesses like Tesla and Block in the index, though it’s expected to start with a small weight.
Coinbase CEO Brian Armstrong took to social media to mark the moment, writing, “Crypto is here to stay.”
The company also posted, “First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500”