🚀 Coinbase (COIN), the largest crypto exchange in the U.S., will join the S&P 500 index, replacing Discover Financial Services. Following the news, COIN shares rose 8% and are trading around $226.

📅 The listing will take effect before trading begins on May 19. Coinbase has a capitalization of $53 billion and went public on Nasdaq in April 2021 through a direct listing.

📊 In Q1 2025, Coinbase reported $527 million in adjusted earnings, meeting S&P 500 criteria. 🎯 Analyst Owen Lau raised the target to $388 and maintained a “buy” recommendation.

🤝 Coinbase recently agreed to buy derivatives exchange Deribit for $2.9 billion. Other crypto-related companies in the S&P 500 include Block, PayPal and Visa. 🚫 MicroStrategy is not included due to its smaller capitalization.