Coinbase is the inaugural cryptocurrency company to be included in the S&P 500 Index.

Coinbase’s stock surged by 22,025% following its inclusion in the S&P 500, even though the year-to-date trend remains downwards. The recent $2.9 billion acquisition of Deribit marks the most significant merger and acquisition in the crypto space to date, strengthening Coinbase’s market position. Coinbase Global is now the first cryptocurrency firm to be incorporated into the S&P 500 Index. The transition starts ahead of the market opening on May 19, as Discover Financial exits the list and Capital One takes its place. The announcement indicates that Coinbase will maintain its listing under the ticker ‘COIN’, broadening the company’s public profile. Following this news, the price of Coinbase stock increased. Nasdaq data shows an 8% increase in the stock price after the announcement. The COIN stock has increased by over 17% in the past month, currently trading at approximately $123. Nonetheless, so far this year, there has been a decline of more than 16%, reflecting a varied sentiment among investors. The inclusion in the well-known index was revealed in a press release from S&P Dow Jones Indices. This is a component of a broader plan by Capital One to acquire Discover Financial, which creates space for Coinbase in the index. Because institutional capital closely follows the S&P 500, this development marks the first time Coinbase engages with major investors. Coinbase is growing through a $2.9 billion purchase.