Coinbase stock is surging
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Coinbase had its best day since just after last year’s presidential election, as investors bought shares ahead of the company’s inclusion in the S&P 500.
Even as the top digital asset dips below $104K, crypto-linked equities—including Coinbase, Robinhood, and major miners—are flashing green.
Coinbase Global Inc. will join the S&P 500 next week, the first-ever crypto company to be included in the benchmark index. Coinbase soared in extended trading after the move was announced Monday.
The inclusion, effective before trading begins on May 19, will see the crypto major replacing Discover Financial Services in the index.
Coinbase joins the S&P 500, marking a milestone for Bitcoin, further highlighting Bitcoin’s strong performance, outperforming gold and the S&P 500 over the years.
The deal with Deribit includes $700 million in cash and 11 million shares of Coinbase Class A common stock, according to the companies, making it one of the largest deals in the i
CEO Brian Armstrong added that Deribit’s acquisition is his company’s “biggest move yet” to expand internationally.
Coinbase reportedly considered adopting a Bitcoin-heavy treasury strategy similar to that of MicroStrategy but ultimately decided against it.
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