Coinbase CEO Brian Armstrong spoke at CNBC’s Scokebox on January 21, 2025 outside the World Economic Forum in Davos, Switzerland.
Jerry Miller | CNBC
Coinbase will join the S&P 500 and replace the benchmark index Discover Financial Services, according to a release on Monday. Crypto Exchange shares rose 8% in extended trading.
This change will take effect before trading on May 19th. The discovery is in the process of being acquired by Capital One Financial.
Since publishing its 2021 direct list, Coinbase has become a larger part of the US financial system, increasing the value of Bitcoin, and has received regulatory approval for large institutions to create Spot Bitcoin Exchange-Traded funds.
However, Coinbase is a particularly volatile stock, far below its peak since the second half of 2021. The shares closed at $207.22 on Monday, offering a market capitalization of $53 billion. At highs, the stock traded for more than $357.
Stocks added to the S&P 500 often increase in value as funds tracking the S&P 500 are added to the portfolio.
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