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.

Cryptocurrencies, including top meme coins, are in focus this week following news that Coinbase will soon join the benchmark S&P 500 index. In a press release on Monday, the index confirmed that Coinbase will replace Discover Financial Services to become a part of it on May 19.

Rosenblatt analyst maintains Buy rating for Coinbase Global, raises price target to $300. Recent gains driven by S&P 500 addition and Deribit acquisition.

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.

Coinbase shares surged 24% on May 13, 2025. The move marks their biggest one-day gain since the day after Donald Trump's election victory. Inclusion of the stock to the S&P 500 led to this surge.