Coinbase reaches a milestone: it will be the first crypto company to join the S&P 500

By Hannah Pérez

Coinbase will officially join the S&P stock index 500 this May, becoming the first company dedicated exclusively to cryptocurrencies to join an important traditional index.

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Coinbase will officially join the S&P stock index 500 this May.
It will be the first company dedicated to cryptocurrencies to join that index.
The price of Coin shares rose 10% after the closure of the market on Monday.
A historical milestone at a key moment, with changing regulations and bitcoin on USD $ 100K.

In a historic milestone for the cryptocurrency industry as a whole: Coinbase It will join the S&P 500.

The greatest exchange of cryptocurrencies in the United States, Coinbasewill officially join the S&P 500, the stock index that tracks the financial performance of 500 leading companies in US stock exchanges.

Coinbasewhich was made public in April 2021, will replace the company Discover Financial Services In order to be included in the index, according to the news media Bloomberg and CNBC. The change will enter into force before the price on May 19.

The incorporation It will allow for the first time the traditional investors investing in the S&P 500 obtain direct exposure to the cryptocurrency industry. The index, which covers industries such as technological, energy, health, among others, includes high -profile companies such as Apple, Meta, Microsoft, Tesla, Google and Amazonto mention some.

Companies must have a market capitalization of at least USD $ 20.5 billion and meet the standards of profitability, liquidity and flotation of shares to qualify for the S&P 500.

Coinbase It is the largest criptomoned company of pure game that lies in the stock market, with a market capitalization of around USD $ 53 billion. Its market capitalization reached a maximum of around USD $ 85 billion in its debut.

The news marks an emblematic moment for the digital asset industry since it will be the first time that a company completely dedicated to cryptocurrencies is included in a traditional stock market index. Other companies that appear in the S&P 500 that provide financial services, including Block, Paypal and VisaThey offer cryptocurrencies, but they are not exclusive to the sector.

Last year, Strategy –the largest public corporate holder of Bitcoin– A place was secured in Nasdaq 100, which groups the shares of the 100 largest non -financial companies that are quoted in the American Stock Exchange.

“Coinbase has just become the first and only cryptocurrency company to join the S&P 500“, Shared the CEO of CoinbaseBrian Armstrong, celebrating the news with the followers on social networks.

“This milestone represents what true believers, from retail investors to institutional investors, our employees and partners, knew from the beginning. Cryptocurrencies have come to stay“He added.

Coinbase arrives at S&P 500 at a key moment

The inclusion of Coinbase In the S&P 500 it occurs at a time of renewed interest of investors in asset class.

Bitcoin (BTC) resumed a key upward area on the USD $ 100,000 last week, for the first time since the digital currency broke a maximum of more than $ 109,000 in January. The cryptocurrency me. Rebounded in the middle of lower geopolitical tensions and positive macro developments. BTC is negotiated around USD $ 103,700 at the time of editing.

Coinbasewho has seen its actions fall almost 20% in the year while Bitcoin It has risen 10%, it is benefiting from a more permissive regulatory change driven by the administration of Donald Trump.

The exchange was saved from a legal battle with the regulators, when this year, the new address of the Bag and Securities Commission (SEC) abandoned a lawsuit against him. Other cryptocurrency companies have also fought from the claws of the SEC and several rival exchanges, including Gemini and KrakenThey have suggested that they seek to go over due to favorable regulatory conditions.

Coinbase reported a net income of USD $ 65.6 million last week, below USD $ 1.18 billion a year earlier, according to the coverage of CNBC. The benefits increased $ 24% to USD $ 2.03 billion USD $ 1.64 billion a year ago.

Earl this month, Coinbase agreed acquire The exchange of cryptographic derivatives Delibit In an agreement of USD $ 2.9 billion, record for the industry. The movement allows you to expand in the cryptoderivated business.

The Coin shares rose 10% after the closing of the market on Monday after the arrival news to the S&P 500. They closed on Monday almost 3% higher to USD $207.22, according to data from Google Finance.

Hannah Estefanía Pérez / Diariobitcoin

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