Coinbase stock surges on being added to S&P 500 on May 19 📈
Coinbase Global (COIN) is set to join the S&P 500 index on May 19, as confirmed by S&P Global. This inclusion follows the replacement of Discover Financial Services by the crypto exchange.
The news immediately resonated in the market, with COIN shares rising 8.8% to $225.4 in after-hours trading. This move is expected to boost demand for Coinbase's stock, as index funds and exchange-traded funds tracking the S&P 500 will incorporate COIN shares.
By joining the ranks of Tesla and Block Inc., Coinbase solidifies its position among large corporate Bitcoin holders within the index, reflecting its growing influence in the market.
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