The entrance of Coinbase in the S&P500 will be done next Monday, with the opening of the stock market. «This has shown that cryptocurrencies arrived to stay,» says Coinbase directive. Coinbase (Nasdaq: Coin), the second Bitcoin Exchange (BTC) and cryptocurrencies with more commerce volume in the world, will be incorporated into the S&P 500 index next Monday, May 19. This was confirmed today S&P Dow Jones Indes, the entity that manages the most representative stock index of the US economy. The company will occupy the place of Discover Financial Services (NYSE: DFS), which is in the process of being acquired by Capital One Financial Corp. The inclusion of Coinbase in the S&P 500 marks a new milestone for the company founded in 2012 by Brian Armstrong and Fred Ehrsam and which began to quote on the stock market in April 2021, through a direct public offer. Little more than four years later, its entry to the select group of the 500 most important companies in the United States reflects the degree of maturity and integration of the cryptocurrency sector within the traditional financial system. This announcement comes in a particularly favorable context for the Bitcoin market. The digital currency exceeded $ 100,000 per unit, driven by institutional demand and a macroeconomic environment that favors the assets considered «risk.» In that framework, Coinbase's actions reacted with a strong rise of more than 8% In extended operations after the news is known, as seen in the image below.
Coinbase price (Coin) over the last 24 hours. Source: TrainingView. According to the requirements of the S&P 500, to be incorporated into the index, a company must be based in the United States, have a significant stock market capitalization and have reported profits both in the most recent quarter and accumulated in the last four quarters. In its most recent results report, Coinbase reported revenues of USD 2,030 million and a net gain of USD 65.6 million. Besides, The company announced days ago the purchase of Deribitan exchange of Bitcoin and cryptocurrency derivatives based in Dubai, for USD 2.9 billion. It is the greatest acquisition of the history of the sector and aims to expand the scope of coinbase outside the US market. Since its debut in Nasdaq, the Coinbase action has had a volatile route, a reflection of the bullish and bass cycles of the BTC market and digital assets. Although currently lies below its maximum peak of 2021, the company maintains a stock market capitalization of USD 53,000 million and Its inclusion in the S&P 500 will force many indexed funds to incorporate their actionswhich could generate greater demand and liquidity. Next, the historical graphic of the Coin price is observed from its launch until the time of this publication:
Historical graphic of the coinbase price (Coin). Source: TrainingView. The arrival of Coinbase to the S&P 500 represents the consolidation of the cryptocurrency industry within the global financial system. Of being a disruptive company in an emerging industry, Coinbase now becomes the backbone of the US shareholding markettogether with technological, industrial and financial giants.
«We have shown that cryptocurrencies have come to stay»
The financial director of Coinbase, Alesia Haas, celebrated the fact through a note in the company's blog. «They have been a few crucial months for cryptocurrencies, with the choice of a pro-described federal government, the BTC and the USDC reaching new historical maximums, and now the inclusion of COIN as the first and only cryptocurrency company in the S&P 500, a highly respected reference index for the US economy,» said Haas. «We are honored to be included and we appreciate this recognition,» he added. According to the executive, «this is an important milestone, not only for coinbase, but for the entire cryptocurrency industry.» She considers that this is because the incorporation of Coin into the S&P500 «is a sign of where the world is directed.» By way of conclusion, Haas says that he is «proud of all those who in Coinbase struggled so much to get here.» Together with customers, partners, developers and employees, ”says the director – They have overcome ups and downs and «demonstrated that cryptocurrencies have come to stay».