Crypto Exchange Coinbase (Coin) increased more than 8% on Monday after the market closure with the news that the shares will be included in the S&P 500 Actions Index of broad market.
The company would replace Discover Financial as of May 19, according to a press release from S&P. Discover Financial is being acquired by Capital One.
The S&P 500 tracks 500 of the largest companies that are quoted in the stock market in the US. In several sectors, including technology, medical care, finance and more. Prominent names in the index include Apple, Microsoft, Amazon and Google. Coin, to a market capitalization of almost $ 53 billion, currently quotes on the Nasdaq exchange.
Inclusion would be a significant milestone for the digital asset industry, which provides millions of average investors and exposure models to a cryptography focused.
“Coin about to be in each US wallet,” said Juan Leon, senior investment strategist of Asset Manager Bitwise, in an X Post. “S&P 500 inclusion will force 7 times to the daily negotiation volume to [the] stock.”
The company’s shares rose to $ 225 after the reports, 8.6% more in hours after the market and add to the profit of almost 4% on Monday.
Update (May 12, 21:50 UTC): Add a comment from the analyst, Detail about Capital One that acquires Discover Financial.
