Coinbase stock is surging
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The company is the first of its kind to join the landmark index. Cryptocurrency skeptics and fans alike say that gives the virtual tender a stamp of legitimacy, but can’t agree if it’s warranted.
Even as the top digital asset dips below $104K, crypto-linked equities—including Coinbase, Robinhood, and major miners—are flashing green.
Shares of Coinbase Global (NASDAQ: COIN) surged 23.8% higher at 2:30 p.m. ET on Tuesday, May 13. The operator of the leading cryptocurrency exchange in America will join the S&P 500 market index on its next update, scheduled for May 19.
Coinbase joins S&P 500 as first crypto firm, marking mainstream finance milestone amid market dominance and political support.
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 stock jumped as much as 18% as the crypto platform was set to become the first and only crypto company in the S&P 500.
The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the i
CEO Brian Armstrong added that Deribit’s acquisition is his company’s “biggest move yet” to expand internationally.
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