Coinbase (NASDAQ: COIN), second Bitcoin exchange (BTC), and cryptocurrency with more commercial volumes worldwide will be incorporated into the S&P 500 index on Monday, May 19th.
This was confirmed today by S&P Dow Jones Indes, the most representative stock index control entity in the US economy. The company will occupy the location of Discover Financial Services (NYSE: DFS), which is in the process of being acquired by Capital One Financial Corp.
Including Coinbase in the S&P 500 is a new milestone for the company founded in 2012 by Brian Armstrong and Fred Aletham, which began citing in the stock market through direct public offerings in April 2021.
Over four years later, joining the selection group of 500 most important companies in the US It reflects the maturity and degree of integration of the cryptocurrency sector within the traditional financial system..
This announcement will be made in a particularly advantageous context for the Bitcoin market. Digital currencies exceeded $100,000 per unit, driven by a macroeconomic environment that favors institutional demand and assets considered “risk.”
In that framework, Coinbase’s actions responded with a strong rise of over 8% With expanded operations after the news, as seen in the image below.
According to the S&P 500 requirements, to be incorporated into the index, a company must be based in the US, have a significant share capital, report profits in the most recent quarter, and have accumulated over the past four quarters. In its latest results report, Coinbase reported revenue of USD 2030 million and net profit of USD 65.6 million.
On top of that, The company announced its purchase of Delibit a few days ago.Dubai-based Bitcoin and cryptocurrency derivative exchange, US$2.9 billion. This is the biggest acquisition of sector history and aims to expand Coinbase’s range outside of the US market.
Since its debut on Nasdaq, Coinbase Action has had a volatile route, reflecting the bullish and bass cycle of the BTC market and digital assets.
Currently below its peak in 2021, the company maintains its market capitalization of USD 530 million. By being included in the S&P 500, many indexed funds are forced to incorporate their actionswhich could create greater demand and liquidity.
Next, the historic graphics of coin prices can be seen from their release to the era of this publication.
Coinbase’s arrival at the S&P 500 represents the integration of the cryptocurrency industry within the global financial system. Being a disruptive company in the emerging industry, Coinbase is now the backbone of the US stock holdings marketalong with the titans of technology, industry and finance.
“We’ve shown that cryptocurrency will stay.”
Coinbase financial director Alesia Haas celebrated the facts through a note on the company’s blog.
“They took months, months for cryptocurrencies. This is a highly respected reference index for the US economy, with the explained federal government, BTC and USDC, reaching new historic maximums and now including coins as the first and only cryptocurrency company of the S&P 500. “We are honored to be included and we are grateful for this recognition,” he added.
According to the executive, “This is an important milestone not only for Coinbase, but for the cryptocurrency industry as a whole.” She believes this is because the incorporation into the Coin’s S&P 500 is “a sign of where the world is being directed.”
In conclusion, Haas says, “I’m proud to be proud of all people at Coinbase.” With customers, partners, developers and employees,” the director says. They overcame the ups and downs and “proven that cryptocurrency has come to stay.”.