Coinbase Becomes First Crypto Company to Join S&P 500

Coinbase makes history as it prepares to become the first crypto company to have its stock, COIN, included in the S&P 500 stock index. 

According to a press release, Coinbase will join the S&P 500 stock index starting May 19, 2025. The move comes after S&P Global announced plans to remove Discover Financial Services (DFS) from the index following its acquisition by Capital One Financial Corp. Capital One’s stock, COH, is also part of the S&P 500. 

Following the move, Coinbase will replace DFS in the S&P 500 index beginning Monday, May 19, 2025. 

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S&P 500 Weightings 

The index tracks the performance of stocks of the 500 largest publicly traded U.S. companies by market capitalization. 

The index features stocks of top companies such as Amazon, Apple, AT&T, BNY Mellon, Citigroup, Microsoft, Nvidia, and eBay. As of March 31, 2025, the index’s aggregated market cap was $49.8 trillion.  

Since it is a market-cap-weighted index, bigger firms like Microsoft and Apple carry more weight, which could be in double digits. However, those at the bottom, like Coinbase, have less than 1% weightings. 

Nonetheless, making it to the S&P 500 is a significant milestone, irrespective of the company’s weighting. Coinbase’s inclusion is expected to have an immediate market impact on COIN. Notably, ETFs and index funds tracking the S&P 500 would be indirectly purchasing Coinbase’s shares. 

At press time, COIN was trading at $207.22, up nearly 8%. Its market cap was $52.78 billion in the hours leading up to press time. 

Coinbase Celebrates COIN Inclusion in S&P 500 Index

Meanwhile, Coinbase took to X to celebrate the remarkable feat using the popular quote, “First they ignore you, then mock you, fight you, then you win.” 

Interestingly, the exchange updated the quote to disclose its inclusion in the S&P 500, saying, “Then they add you to the S&P 500.”

Coinbase expressed gratitude to the broader crypto community for helping it become a part of the S&P 500, marking the first time a crypto company would join the index. 

Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history.

— Coinbase 🛡️ (@coinbase) May 12, 2025

Strategy Chairman Congratulates Coinbase 

Other crypto proponents, like Strategy’s executive chairman Michael Saylor, congratulated Coinbase on its inclusion in the S&P 500 index. The chairman of the Bitcoin-stacking company referred to COIN’s inclusion in the index as a major milestone for BTC and the exchange. 

Recall that Strategy’s share, MSTR, was considered a major candidate for the S&P 500 index last year. However, Strategy did not meet some of the index’s criteria.  

A crucial criterion requires potential constituents to have been profitable in the previous calendar year and the most recently concluded quarter. In May, Strategy announced a net loss of $4.2 billion in Q1 2025, failing to satisfy a major criterion for inclusion in the index.