Coinbase Becomes Component of S&P, Wall Street Officially Admits Defeat
This morning, the crypto stock market welcomed an epic positive development—Coinbase (COIN) was officially included in the S&P 500 Index, causing its after-hours stock price to surge by 10%. This marks the first time the crypto industry has entered a mainstream financial index, and it means that Wall Street has completely bowed down: traditional capital must give way to the pricing power of on-chain assets.
Data shows that Coinbase currently has a market capitalization of $65.4 billion, with 890,000 BTC under custody (accounting for 4% of circulating supply), and Q1 trading revenue of $1.26 billion, with institutional clients making up over 60%. This move directly counters the SEC, as they had sued Coinbase last year for 'illegally operating securities', yet now they tacitly allow its entry into the mainstream.