Coinbase Shatters Ceilings: First Crypto Firm to Crash the S&P 500 Party!

From Crypto Rebel to Wall Street Elite

Coinbase just pulled off the ultimate power move, becoming the first crypto heavyweight to muscle its way into the S&P 500. This bombshell dropped on May 12, courtesy of S&P Global, with the epic entry set to rock the index come Monday, May 19. The exchange is booting out Discover Financial Services, now a Capital One plaything. Right after the news hit, Coinbase's shares (COIN) skyrocketed 8.8% in after-hours trading. Boom!

A Crypto Giant's Journey to the Top

Founded back in 2012, Coinbase is the U.S.'s crypto trading titan and has been flexing on Nasdaq since 2021. Even with crypto stocks facing a brutal year, they just reported a sweet $65.6 million in Q1 net income. That's the golden ticket to the S&P 500 club, which only rolls out the red carpet for the consistently profitable. And get this—their revenue soared 24% year-over-year, hitting a cool $2.03 billion.

Crypto's Here to Stay, Says Coinbase CEO

Coinbase CEO Brian Armstrong didn't hold back on X, declaring, "Crypto is here to stay." The company doubled down with another fiery post: "First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500..." Mic drop.

S&P 500 Inclusion: A Game Changer for Coinbase

Joining the S&P 500 isn't just a pat on the back; it's a game changer. Index-tracking funds are now forced to scoop up Coinbase shares, cranking up its exposure. Now rubbing shoulders with giants like Apple and Nvidia, Coinbase steps into a $49.8 trillion arena as of Mar. 31.

A Milestone for Digital Assets, But Not Everyone Made the Cut

While Coinbase might land in the S&P 500's lower ranks, with a weight of just 0.01% to 0.2%, this is a seismic shift for digital assets. They're now in the same league as fellow Bitcoin (BTC) holders Tesla and Block. But not all crypto hopefuls made it—Strategy was left in the dust after bleeding a $4.2 billion net loss in Q1 2025.