Coinbase Crashes the Party: First Crypto to Join S&P 500 (And Everyone’s Talking)

by

Oh, look at this: Coinbase Global Inc. is now officially part of the S&P 500. Yep, you heard that right. It’s replacing Discover Financial Services, effective before the market opens on Monday, May 19. And guess what? The S&P Dow Jones Indices made this announcement late Monday. Big whoop. 🙄

Apparently, this move follows Capital One Financial buying up Discover Financial. How nice for them, huh? A deal that’s going to close soon, pending all those “final conditions” — you know, just a few boring details like paperwork and possibly a handshake. 🤝

Coinbase Stock Skyrockets (Maybe Just a Little Too Much?)

So now, Coinbase is the first crypto company to join the big leagues – the S&P 500. Not bad, right? After the announcement, Coinbase’s shares went up by 7% in after-hours trading. Wow, shocking. 🙄

And hey, Coinbase didn’t stop there. It’s also planning to buy crypto derivatives exchange Deribit for a cool $2.9 billion. Sure, that includes $700 million in cash, and the rest is in stock — which might make the deal take forever to finalize. Because who doesn’t love a good waiting game? ⏳

Now, here’s the kicker: even though this is a major milestone, Coinbase’s latest earnings report was… well, let’s just say “mixed” is the nicest way to put it. They missed revenue expectations by $200 million in Q1 2025. Oops. But don’t worry, they still have strong user engagement. USDC balances on Coinbase went up by 49% quarter-over-quarter. So, you know, at least some people are still using it. 🙄

So there you go. Coinbase joins the S&P 500, making crypto a little more “legit” in the eyes of Wall Street. I guess that’s progress or whatever. But hey, it’s a big deal for the crypto world, so… go crypto? 🤷‍♂️

Read More

2025-05-13 01:41