Coinbase Becomes First Crypto Firm to Enter S&P 500 Index in the US 

Coinbase is set to enter the S&P 500 index in the US next week. The index, maintained by the New York-headquartered financial intelligence firm Standard & Poor's (S&P) Global, lists the 500 leading publicly traded firms in the US. Coinbase's entry into this elite group makes for a significant moment in Web3 history, as the company is set to become the first crypto firm to join the index. Both Coinbase and S&P Global confirmed the development on Monday. Coinbase, which is listed as COIN on Nasdaq, will enter the S&P 500 index on May 19.

The US-based crypto exchange is replacing Discover Financial Services (DFS) on the S&P 500 list. DFS, meanwhile, is being acquired by Capital One Financial Corp in the coming days, S&P said in its announcement.

Coinbase posted a message of gratitude on X following the development.

“Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history,” the exchange said.

Brian Armstrong, the CEO of Coinbase, called this development a “milestone” moment for the crypto industry.

“This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along. Crypto is here to stay,” Armstrong noted.

Many from the Web3 community, including MicroStrategy's Michael Saylor, have acknowledged the development on social media.

Coinbase became a public company in April 2021. Moving forward, the demand for Coinbase shares is projected to rise as all index-tracking funds will need to add COIN to their respective portfolios, Crypto Times said in its report. At the time of writing, COIN shares were trading at $207.22 (roughly Rs. 17,600).

Other crypto-related companies that are part of the S&P 500 include Jack Dorsey's financial services firm Block.

For now, Coinbase is working with the US crypto task force as the agency takes steps to finalise Web3 regulations in the US.

Back in March, the exchange completed its registration with India's Financial Intelligence Unit (FIU-IND) to re-enter the market after a brief hiatus.