Coinbase Stock Jumps Nearly 11% After-Hours Monday: Here’s Why
Coinbase Global Inc. (NASDAQ:COIN), the largest U.S. crypto exchange, is set to join the S&P 500, replacing Discover Financial Services (NYSE:DFS) in the benchmark index, according to a Monday announcement.
What Happened: The inclusion of Coinbase in the S&P 500 will become effective before trading begins on May 19, according to a press release shared by S&P Dow Jones Indices.
With this, Coinbase becomes the first company with cryptocurrency as its core business to enter the coveted index that holds some of the most valued stocks in the world, including Microsoft Corp. (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL).
Coinbase went public on April 14, 2021, through a direct listing on the Nasdaq under the ticker COIN. The company boasted a market capitalization of nearly $53 billion …
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