Coinbase Shares Jump 8% on S&P 500 Inclusion
Coinbase Stock Surges 8% Following S&P 500 Inclusion Announcement
In a significant move, Coinbase, a leading cryptocurrency exchange, saw its stock value rise by more than 8% after trading hours on Monday. The surge came in response to the news that Coinbase's shares are scheduled to be added to the prestigious S&P 500 stock index on May 19. This inclusion will involve replacing Discover Financial in the index.
The decision was made public through an official statement from the S&P, indicating that Coinbase would take Discover Financial's spot as it transitions due to its acquisition by Capital One.
The S&P 500 is renowned for encompassing 500 of the largest publicly traded companies in the U.S., representing various sectors such as technology, healthcare, and finance. Notable industry giants like Apple, Microsoft, Amazon, and Google feature prominently within this index. Currently valued at close to $53 billion in market capitalization, Coinbase is listed on the Nasdaq exchange.
Coinbase Shares Jump 8% on S&P 500 Inclusion
The company is set to join the broad-market stock index on May 19, replacing Discover Financial.
Following this announcement, Coinbase's shares swiftly rose to reach $225 post-market—a notable increase of 8.6%. This uptrend further supplemented the nearly 4% gain already recorded earlier that day.
UPDATE (May 12, 21:50 UTC): Additional insights have been shared by analysts regarding this development and details surrounding Capital One's acquisition of Discover Financial have surfaced.
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Shares of the company jumped to as high as $225 following the reports, up 8.6% in post-market hours and adding to the nearly 4% gain on Monday.
UPDATE (May 12, 21:50 UTC): Adds analyst comment, detail about Capital One acquiring Discover Financial.
