Coinbase Stock Surges 16% After S&P 500 Inclusion

Coinbase Global Inc. made history by joining the S&P 500, replacing Discover Financial Services. This move was effective before the market opened on Monday, May 19. The news sent Coinbase stock, COIN, up nearly 10% on May 12, and now the crypto equity has another bullish fundamental providing a tailwind on Tuesday.

COIN opened on the New York Stock Exchange (NYSE) at 9:30 AM ET today, May 13, fresh off its inclusion in the S&P 500. Following the debut, the COIN price is up by over 16% and is trading for $241.23 as of this writing. The NYSE is one of the world’s largest stock exchanges, offering a marketplace for trading stocks, bonds, and other securities. Notably, the NYSE has strict listing requirements, meaning COIN stock trading there signals Coinbase Global Inc.’s stability and could attract more institutional investors.

Being in the S&P 500 and the NYSE means index funds and ETFs tracking the index will buy COIN shares, increasing demand and potentially boosting the stock price. This reflects the growing mainstream acceptance of crypto-related companies in traditional finance. The Bitwise data highlights that $5.3 trillion from institutional investors and $1.6 trillion from ETFs will contribute to the $15 billion in estimated Coinbase purchases. This reflects the growing mainstream acceptance of crypto-related companies in traditional finance.