The Crypto Exchange Coinbase (COIN) climbed 8% on Monday after the market closure of the news that the stock would be included in the wide market S&P 500 stock index.
The company will replace Discover Financial beginning on May 19, according to AN S&P Press Release. The Discover Financial was obtained by Capital One.
The S&P 500 is monitoring 500 of the largest companies that have exchanged US in the US in many sectors, including tech, health care, finances and more. The known index names include Apple, Microsoft, Amazon and Google. The coin, in a market cap of nearly $ 53 billion, is currently trading in the NASDAQ exchange.
Integration will be a significant milestone for the digital asset industry, providing millions of average investors and portfolios of the model of exposure to a crypto-oriented company.
“The coin that is about to be in every portfolio in America,” Juan Leon, senior investment strategist at Asset Manager Bitwise, told a X post. “Incorporating the S&P 500 will force 7x the day -to -day trading volume to (the) stock.”
Company shares jumped as high as $ 225 following reports, up to 8.6% at post-market hours and increasing almost 4% gain on Monday.
Update (May 12, 21:50 UTC): Adds analyst comment, detail about the capital one that gets financially explored.
