Coinbase Enters the S&P 500—A Landmark Moment for Crypto

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On May 19, Coinbase will officially become part of the S&P 500, S&P Dow Jones Indices announced. Analysts say this marks a turning point in crypto’s journey into the financial mainstream.

Coinbase will officially join the S&P 500 next week, taking the place of Discover Financial Services starting May 19.

The move was confirmed by S&P Dow Jones Indices—a collaboration between S&P Global, CME Group, and News Corp.

S&P index entrants are typically required to hold a market cap above $20.5 billion, maintain profitability, and meet liquidity thresholds. Coinbase, currently valued at around $53 billion, meets all the criteria.

Coinbase’s inclusion in the S&P 500 is being interpreted by analysts as a landmark moment for the legitimacy of digital assets in traditional markets. Dan Dolev, Senior Payments Analyst at Mizuho, called it “a welcome mat for crypto stocks,” and David Schassler, the Head of Multi-asset Solutions for investment manager VanEck, pointed to it as a sign of accelerating structural change within conventional finance.

Some analysts believe the decision is influenced by Donald Trump’s re-election, which has already shifted the tone of U.S. crypto policy. With many SEC cases—including its litigation against Coinbase—now paused, traditional market participants appear more willing to engage with digital asset companies.

You’re seeing all these crypto-related SEC cases being dropped very rapidly. And so it’s a very conducive environment for these things. There’s no sense of urgency to go and start over-regulating because it seems like you have a very friendly administration,

added Dan Dolev.

Coinbase has delivered over 250% stock growth in the last two years, reaffirming its position as a leading proxy for crypto in public markets. As the first major crypto firm to go public via a 2021 direct listing, it blazed a trail for the sector. That said, the stock remains volatile—dropping almost 17% in early 2025 after reporting weaker-than-expected earnings.

Check this out: Coinbase’s Base blockchain review

Q1 brought a blend of momentum and headwinds for Coinbase. Revenue climbed 24% year-over-year but cooled 10% from the previous quarter. Net income plunged 94%, landing at $66 million—largely due to market-driven crypto asset revaluations.

Yet even amid volatility, Coinbase isn’t slowing down: it has sealed a $2.9 billion deal to acquire Deribit, the top crypto options exchange globally.

Read on: Coinbase to Tokenize $COIN Shares—How Will It Impact the Market?

Joining the S&P 500 means more than just prestige for Coinbase—it opens the door to a wider pool of index-linked capital and signals growing confidence from the traditional financial world. In a market increasingly dominated by passive investing, inclusion in major indices plays a decisive role in capital allocation. The move may also set the stage for new product developments and an even stronger foothold in the industry.

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