Starting May 19, Coinbase (COIN) shares will replace Discover Financial Services in the S&P 500 index, becoming the first crypto company to be included in the main US stock index.
Market reaction:
- COIN stock: +7.9% on the day
- Capitalization: $52.78 billion
- Current price: $207.22 (still below the December peak of $343)
Since the beginning of the year, the securities have fallen by -16.54%, but inclusion in the index may attract passive funds and institutions.
Context:
- In March, Coinbase discussed with the SEC the launch of tokenized securities trading
- In April, there were rumors about a license from a US federal bank
- In May, it bought Deribit for $2.9 billion, the largest BTC options platform
