Crypto Exchange Coinbase (Coin) jumped 8% on Monday after the closing of the new market that the stock will be included in the S&P 500 stock market index on a large market.
The company would replace Financial Discover from May 19, according to a press release from the S&P. Discovering finances is acquired by Capital One.
The S&P 500 follows 500 of the largest listed companies in the United States in several sectors, including technology, health care, finance and more. Important index names include Apple, Microsoft, Amazon and Google. Coin, to a market capitalization of nearly $ 53 billion, is currently negotiating on the NASDAQ Stock Exchange.
Inclusion would be an important step for the digital asset industry, giving millions of average investors and model portfolios to an exposure to a crypto -oriented company.
“Corner about to be in all portfolios in America,” said Juan Leon, main investment strategist at Asset Manager Bitwise, in a post. “The inclusion of S&P 500 will force 7x the daily trading volume in [the] action.”
The company’s shares increased to $ 225 after reports, up 8.6% of post-commerce hours and increasing the gain by almost 4% on Monday.
Update (May 12, 21:50 UTC): Add comments from the analyst, Capital One Acquire Discover Financial.
