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Coinbase (COIN) surged 10% in after hours trading after the company became the first crypto firm to join the S&P 500 index.
Shares in the company pumped over 3% during yesterday’s US trading session, and continued to rally in after hours trading, according to Google Finance data. As a result of the recent surge, COIN trades at $207.22 as of 1:03 a.m. EST.
Coinbase CEO Says S&P 500 Inclusion Confirms “Crypto Here To Stay”
S&P Global said in a May 12 announcement that COIN will be added to the S&P 500 index on May 19. The leading US crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), according to the announcement.
“This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along: crypto is here to stay,” said Coinbase CEO Brian Armstrong in a May 12 post on X.
Coinbase just became the first and only crypto company to join the S&P 500.
This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along.
Crypto is here to stay. https://t.co/MnMRCX8pMg
— Brian Armstrong (@brian_armstrong) May 12, 2025
Coinbase Joins Other Corporate Bitcoin Holders In S&P 500 Index
While Coinbase might be the first and only crypto firm to join the S&P 500, it’s not the only corporate Bitcoin holder in the index. Some of the largest corporate BTC holders, including Tesla and Block Inc., are also currently tracked by the index.
Data from BitcoinTreasuries shows Tesla is ranked as the seventh largest corporate holder of Bitcoin, with its holdings of 11,509 BTC. Meanwhile, Bock Inc. is the tenth largest corporate Bitcoin holder with its stash of 8,485 BTC.
Coinbase is ranked one position above Block Inc. with its reserves that include 9,480 BTC. Other companies listed in the index, such as PayPal and Visam also offer crypto services, but that their business models do not revolve around digital assets.
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