Coinbase Makes History as First Crypto Company to Join S&P 500
Coinbase Global Inc. (NASDAQ: COIN) is set to make history as it joins the prestigious S&P 500 index on May 19, replacing Discover Financial Services (NYSE: DFS). This marks the first time a cryptocurrency company will be included in the index, reflecting the growing acceptance of digital assets in the traditional financial system.
Coinbase's inclusion comes after it met the stringent criteria set by S&P Dow Jones Indices. The company boasts a market capitalisation of over $40 billion and has demonstrated profitability over the last four quarters. This move is expected to make Bitcoin exposure more accessible to traditional investors, potentially reducing the perception of crypto as a high-risk asset.
Founded by Brian Armstrong, Coinbase has been at the forefront of cryptocurrency adoption. Its addition to the S&P 500 signals a significant milestone for the crypto industry. Once included, Coinbase will automatically become part of the portfolios of all funds tracking the S&P 500, which could potentially drive demand for the stock and its price.
Michael Saylor, Strategy Executive Chairman, extended his congratulations to Coinbase and Bitcoin on this notable achievement.
Coinbase's inclusion in the S&P 500 is a testament to the growing influence and acceptance of cryptocurrencies in the broader financial landscape. As Bitcoin continues to outperform traditional assets like the S&P 500 and gold, investors are increasingly recognising the potential of digital currencies. This move by the S&P 500 could pave the way for further integration of cryptocurrencies into traditional investment portfolios.
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