Shares of Coinbase (COIN), the largest cryptocurrency exchange in the United States, jumped more than 14% in the early hours of Tuesday (13th) after an announcement the night before that the platform’s shares will be included in the S&P 500 index.
The S&P 500 is an index that includes 500 of the largest companies listed in the United States, and Coinbase Global will replace Discover Financial Services from the opening on May 19th — that is, next Monday.
Discover’s departure comes after Capital One Financial, which is a component of the S&P 500, announced the acquisition of the company.
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Last Thursday (8th), Coinbase reported a net profit of US$ 65.6 million (or US$ 0.24 per share) in the first quarter of 2025 (1Q25). The exchange’s revenue was US$ 2 billion in the period, 24% higher than in the first quarter of last year.
However, the results were below analysts’ expectations, who expected earnings per share of US$ 1.93 and revenue of US$ 2.1 billion.
COIN shares are down more than 15% year-to-date in 2025 and have only recently managed to reverse the decline in relation to the company’s IPO in 2021, with a slight increase of 0.37% in relation to the prices at that time.
