Coinbase stock is surging
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Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.
Investors jumped on shares of Coinbase Global after the Monday night news that the crypto exchange will join the S&P 500 next week.
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.
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Even as the top digital asset dips below $104K, crypto-linked equities—including Coinbase, Robinhood, and major miners—are flashing green.
Coinbase joins the S&P 500, marking a milestone for Bitcoin, further highlighting Bitcoin’s strong performance, outperforming gold and the S&P 500 over the years.
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
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