Coinbase Global will join the S&P 500 index before the open on Monday, May 19. COIN stock jumped.
The cryptocurrency exchange will replace Discover Financial, which is being acquired by Capital One. The deal is expected to close soon.
Coinbase stock spiked nearly 15% Tuesday morning to 238.05, regaining the 200-day moving average. Shares popped nearly 4% to 207.22 on Monday. COIN stock was down 16.5% in 2025 as of May 12.
Coinbase has been seen as a possible S&P 500 stock for some time, but was snubbed at the latest quarterly rebalancing.
Robinhood Markets, another crypto-affiliated play, also was passed over for the S&P 500. HOOD stock leaped 5.2% to 60.39 on Tuesday.
On Tuesday, Robinhood said it was buying WonderFi Technologies for $179 million, bolstering its crypto business in Canada.
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