Coinbase stock is surging, with the exchange set to be the first crypto firm in the S&P 500
Shannon Stapleton/Reuters
2025-05-13T13:59:20Z
- Coinbase shares jumped by double digits on Tuesday.
- The exchange is set to be the first crypto firm to be included in the S&P 500.
- Coinbase will replace Discover Financial on May 19.
The move: Coinbase stock rose as much as 15% on Tuesday, reaching an intraday high of $240.13 per share. The stock is down 4.5% year-to-date.
Why: The biggest US cryptocurrency exchange is set to become the first crypto company to join the S&P 500. Coinbase will replace Discover Financial Services on May 19, as the financial services company is set to be acquired by Capital One.
What it means: The listing marks another milestone for the US crypto sphere as it enters more fully into the mainstream financial world.
It’s also a standout moment for Coinbase; earlier this year, the crypto exchange was still entangled in a yearslong lawsuit pushed by the Securities and Exchange Commission. The new SEC under President Donald Trump dropped the case in February.
The last week has been busy for Coinbase. Though the company missed first-quarter earnings estimates last week, its stock spiked on news that it would purchase Deribit, a leading crypto derivatives company.