Coinbase has joined the S&P 500 index, replacing Discover Financial Services in the benchmark index, according to a statement released on Monday, at a time when cryptocurrency stocks surged by 8% in extended trading.
Since its public listing via direct listing in 2021, Coinbase has become a larger part of the U.S. financial system, especially with the rising value of Bitcoin and large institutions receiving regulatory approval to create spot funds for trading cryptocurrency.
Last week, Bitcoin rose above $100,000, nearing its record price from January.
The S&P 500 continues to add companies from across the technology sector due to their massive market value, with Dell and Palantir recently added to the index, following Super Micro Computer, the AI server manufacturer, and CrowdStrike, the security software provider, earlier last year.
Coinbase's stock price at the close on Monday was $207.22, giving the company a market value of $53 billion.
