Coinbase ($COIN) has not officially joined the S&P 500 but will join on May 19, 2025, replacing Discover Financial Services
Coinbase's stock surged sharply (up to 24%) after the announcement showed investor enthusiasm
This is a significant step for the crypto industry enhancing Coinbase's legitimacy, despite concerns about volatility and financial risk
Coinbase has also recently acquired Deribit for $2.9 billion to strengthen its position