Coinbase becomes first crypto company to join the S&P 500

Coinbase has made history, becoming the first crypto company to join the S&P 500.

The move, announced on May 12 by S&P Global, will take effect next Monday, May 19. The exchange will replace Discover Financial Services, which was recently acquired by Capital One. Following the announcement, shares of Coinbase (COIN) jumped 8.8% in after-hours trading, as per Google Finance data.

Coinbase is the largest U.S.-based cryptocurrency exchange. It was founded in 2012 and has been listed on the Nasdaq since 2021. Despite a difficult year for cryptocurrency stocks, the company recently reported net income of $65.6 million for Q1.

Because of this, it is eligible to be included in the S&P 500, which requires consistent profitability. Revenue also climbed 24% year-over-year to $2.03 billion.

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Coinbase CEO Brian Armstrong celebrated the moment on X, writing: “Crypto is here to stay.” In another post, the company added: “First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500…”

Inclusion in the S&P 500 typically boosts a companys exposure, as index-tracking funds must purchase its shares. Coinbase now joins heavyweights like Apple and Nvidia in the benchmark index, which tracked a total market cap of $49.8 trillion as of Mar. 31.

The exchange is expected to be in the lower tier of the index, which comprises companies with a weighting of between 0.01% and 0.2%. Still, the milestone marks a turning point for digital assets. Coinbase now shares S&P 500 status with fellow Bitcoin (BTC) holders Tesla and Block. Notably absent is Strategy, which failed to qualify after posting a $4.2 billion net loss in Q1 2025.