Overview

• Coinbase officially joined the S&P 500 index on May 19, 2025, replacing Discover Financial Services after its merger with Capital One.
• This marks the first time a cryptocurrency exchange has been included in the index, signifying broader acceptance of crypto in traditional finance.
• Passive investors in S&P 500 tracker funds and retirement plans now have indirect exposure to Coinbase shares, which have a market capitalization of $67 billion.
• The inclusion follows the SEC dropping its enforcement case against Coinbase in February, reflecting a more favorable regulatory environment for crypto.
• Coinbase is managing the fallout from a cyberattack disclosed last week, with remediation costs estimated at $180–400 million, though no login credentials were compromised.