Coinbase Joins S&P 500, Becomes First Crypto Company to Do So

Coinbase has made history by becoming the first cryptocurrency company ever included in the S&P 500 index. The move, announced on May 12th by S&P Global, will go into effect next Monday, May 19th. The exchange replaces Discover Financial Services, which was recently acquired by Capital One. Shares of Coinbase (COIN) surged 8.8% in after-hours trading following the announcement as per Google Finance data. 8.8% rise indicates a significant market response to this historic inclusion.