On Monday (May 12, ET), S&P Global announced that Coinbase (COIN), the world’s second-largest crypto exchange, will replace Discover Financial Services (DFS) in the S&P 500 index. The change takes effect next Monday (May 19).  

The news sent Coinbase shares skyrocketing 10.94% in after-hours trading, as inclusion in the S&P 500 typically triggers heavy buying from index-tracking funds.  

Coinbase Stock Price Chart, Source: Google.

Last year, Bitcoin proxy MicroStrategy (MSTR)  also sought S&P 500 inclusion. While it met key requirements—such as being listed on a major U.S. exchange (NASDAQ), generating over half its revenue domestically, and boasting an $18B+ market cap—its $4.2B net loss in Q1 2025 ultimately disqualified it.  

Coinbase now joins Tesla (TSLA) and Block Inc. (SQ) as the third crypto-native company in the S&P 500—with all three holding substantial Bitcoin (BTC)  reserves.  

This milestone underscores crypto's accelerating mainstream adoption, proving digital assets are no longer niche but a growing force in traditional markets. As major institutions increasingly embrace Bitcoin, its influence on Wall Street continues to deepen.