Coinbase, S&P 500
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Coinbase Global Inc. will join the S&P 500 next week, the first-ever crypto company to be included in the benchmark index. Coinbase soared in extended trading after the move was announced Monday.
Coinbase could see $9 billion of buying from passive funds linked to the S&P 500 index and $7 billion from active allocations, Bernstein said. Coinbase is the first crypto company to join the flagship stock index and its inclusion could pave the way for other digital asset firms to join.
Coinbase joins the S&P 500, bringing nearly $1B in Bitcoin onto the world’s most tracked index—and marking a turning point for corporate Bitcoin treasury strategy.
Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.
Shares of Coinbase rose sharply Tuesday on news that it would be included in the benchmark S&P 500 this month.
Bernstein analysts led by Gautam Chhugani issued a note on May 13 as per which the Coinbase stock could witness as much as $16 billion in capital inflows — $9 billion from S&P 500-linked passive funds and $7 billion from active allocations.
Coinbase is joining the S&P 500, replacing Discover Financial Services in the benchmark index, according to a release on Monday. The change will take effect before trading on May 19. Discover is in the process of being acquired by Capital One Financial.
Cryptopolitan on MSN2d
Coinbase joins the S&P 500 with goals of dominating Wall StreetCoinbase is getting pulled into the core of traditional finance. On Monday, the company was picked to join the S&P 500, replacing Discover Financial
Coinbase joins the S&P 500, marking a milestone for Bitcoin, further highlighting Bitcoin’s strong performance, outperforming gold and the S&P 500 over the years.
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