Brian Armstrong, CEO of Coinbase, speaking on C온라인카지노사이트’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.
- Coinbase is joining the S&P 500, replacing Discover Financial, which is being acquired.
- Shares of the crypto exchange soared in extended trading after the announcement.
- Bitcoin eclipsed the $100,000 market last week, approaching its record reached in January.
is joining the S&P 500, replacing Discover Financial Services in the benchmark index, according to a release on Monday. Shares of the crypto exchange jumped 8% in extended trading.
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The change will take effect before trading on May 19. Discover is in the process of being acquired by .
Since through a direct listing in 2021, Coinbase has become a bigger part of the U.S. financial system, with bitcoin soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds.
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Bitcoin spiked last week, topping $100,000 and nearing its record price reached in January.
However, Coinbase has been a particularly volatile stock and is trading well below its peak from late 2021. The shares closed on Monday at $207.22, giving the company a market cap of $53 billion. At its high, the stock traded at over $357.
Stocks added to the S&P 500 often rise in value because funds that track the S&P 500 will add it to their portfolios.
Money Report
The index, which is heavily weighted towards tech because of the massive market caps of the industry's heavyweights, continues to add companies from across the sector. In , and defense software provider were added to the S&P 500, following artificial intelligence server maker and security software vendor earlier last year.
To join the S&P 500, a company must have reported a profit in its latest quarter and have cumulative profit over the four most recent quarters.
Coinbase last week net income of $65.6 million, or 24 cents a share, down from $1.18 billion, or $4.40 a share a year earlier, after accounting for the fair value of its crypto investments. Revenue rose 24% to $2.03 billion from $1.64 billion a year ago.
Also last week, Coinbase announced , a major crypto derivatives exchange for $2.9 billion. The deal, which is the largest in the crypto industry to date, will help Coinbase broaden its footprint outside the U.S.
Coinbase shares are down 17% this year, underperforming bitcoin, which is now up about 10% over that stretch.
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