From CNBC: 2025-05-12 17:33:00

Brian Armstrong, CEO of Coinbase, announced the crypto exchange’s inclusion in the S&P 500, replacing Discover Financial Services. Shares surged 8% in extended trading. The change will take effect on May 19, coinciding with Discover’s acquisition by Capital One Financial. Coinbase’s volatile stock closed at $207.22 on Monday, with a market cap of $53 billion, down from its peak of over $357 in late 2021. Stocks added to the S&P 500 tend to rise in value as index funds incorporate them into their portfolios.

Read more: Coinbase joining S&P 500, replacing Discover Financial