Coinbase Stock Jumps Following Inclusion in the S&P 500

Coinbase Global (COIN) has received official confirmation that it will join the prestigious Standard & Poor’s 500 (S&P 500) index fund on May 19th. This move signifies a significant milestone for the crypto exchange, replacing Discover Financial Services (DFS) following its recent acquisition by Capital One Financial Corp (COF). According to S&P Global, this addition will drive increased demand for Coinbase’s stock as index funds and exchange-traded funds (ETFs) are required to mirror the S&P 500 with purchases of COIN shares. Coinbase’s stock price experienced an immediate surge after the announcement, rising 8.8% to $225.4 in after-hours trading.