S&P Dow Jones Indices, a division of S&P Global (NYSE: SPGI), announced on May 12 that Coinbase Global Inc. (Nasdaq: COIN) will be added to the S&P 500, making it the first cryptocurrency company to join the benchmark U.S. index. The move will take effect before trading opens on Monday, May 19. Coinbase will replace Discover Financial Services (NYSE: DFS), which is being acquired by Capital One Financial Corp. (NYSE: COF), an existing S&P 500 constituent.

Coinbase CEO Brian Armstrong acknowledged the milestone on social media platform X, stating:

Coinbase just became the first and only crypto company to join the S&P 500. This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along. Crypto is here to stay.

Coinbase’s official X account echoed the sentiment: “Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history.” Many in the crypto community congratulated Coinbase following the news of its inclusion in the S&P 500 Index. Michael Saylor, executive chairman of Strategy (Nasdaq: MSTR), wrote: “Congratulations Brian Armstrong on $COIN being added to the S&P 500 Index. A major milestone for Coinbase and for bitcoin.”

The update marks a historic moment for the cryptocurrency sector, which has long sought legitimacy among traditional financial institutions. The inclusion of Coinbase in the S&P 500 underscores the growing integration of digital assets into mainstream financial systems, reinforcing their relevance beyond speculative trading and into institutional portfolios. The S&P 500 is widely regarded as one of the most influential equity benchmarks globally, tracking 500 of the largest publicly traded U.S. companies. In December, Strategy, a bitcoin-focused company, was added to the Nasdaq-100 Index, which tracks 100 of the largest non-financial firms on the Nasdaq, following a sharp rise in its stock price.

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