Coinbase is again in the news following a recent announcement that the top crypto exchange will be joining the S&P 500. This development marks a huge milestone for the exchange, which just recently expanded its services by agreeing to acquire crypto options firm Deribit. Meanwhile, the COIN stock price has jumped on the back of this development.
Coinbase To Replace Discover Financial In S&P 500
In a press release, the S&P Dow Jones Indices announced that Coinbase Global will replace Discover Financial in the S&P 500, effective before the opening of trading on Monday, May 19. The crypto exchange will trade under the ticker ‘COIN,’ in a move that will provide further exposure for the company and attract more investors.
Nasdaq data shows Coinbase’s stock surged 8% following the S&P 500 announcement. The COIN stock price is currently trading at around $224, up over 17% in the last month. However, the stock is still down over 16% year-to-date.
This announcement comes just days after the crypto exchange announced an agreement to acquire crypto options firm Deribit for $2.9 billion, making it the largest merger and acquisition in crypto history. Following the deal, Bitwise CIO Matt Hougan predicted that the exchange could one day become a trillion-dollar company.
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