Coin, S&P 500 and stock market index
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Shares of Coinbase rose sharply Tuesday on news that it would be included in the benchmark S&P 500 this month.
The stock jumped nearly 15% following news that Coinbase will replace Discover Financial (DFS, Financials) in the S&P 500 index. The change will take effect before the market opens on May 19. The move adds Coinbase to the portfolios of index-tracking funds,
Bernstein bullish on Coinbase after S&P 500 inclusion, projecting $16B in potential inflows from passive & active investment. Also first crypto firm to join benchmark index.
Coinbase's inclusion in S&P 500 is a watershed moment for crypto industry. Here's what it may mean for top meme coins including Bitcoin Pepe.