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Coinbase Global (COIN) will join the Standard and Poor's 500 (S&P500) index fund on May 19, financial information services platform S&P Global said in a recent statement.
The crypto exchange will replace Discover Financial Services (DFS), which was recently acquired by Capital One Financial Corp (COF), S&P Global said on May 12.
The S&P 500 is a stock market index that tracks the performance of 500 of the largest, publicly traded companies in the US, representing a broad measure of the overall US stock market.
Coinbase's inclusion in the S&P 500 should increase demand for its stock because index funds and exchange-traded funds that track the S&P 500 must buy COIN shares to mirror the index.
COIN shares immediately rose 8.8% to $225.4 in after-hours trading following the announcement, Google Finance data shows.
Related: $45 million stolen from Coinbase users in the last week — ZachXBT
The crypto exchange joins Tesla and Block Inc. as the other large corporate Bitcoin holders currently in the index fund, which tracks an aggregate market cap of more than $49.8 trillion as of March 31.
Source: Michael SaylorMagazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
This is a developing story, and further information will be added as it becomes available.
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