Coinbase Stock Soars After S&P 500 Listing Boosts Institutional Confidence

Coinbase shares surged following the announcement of its inclusion in the prestigious S&P 500 index. This groundbreaking move, set to take effect on May 19th, replaces Discover Financial which is slated for a merger with Capital One. The stock’s price jumped by an impressive 7% in after-hours trading and continued this upward momentum into regular sessions, surging as high as 18.88% to $246.36 on May 13th. This marks the first instance of a crypto-focused company being included in the most influential U.S. stock market index.