From CNBC: 2025-05-13 16:07:00

Coinbase CEO Brian Armstrong spoke at the Messari Mainnet summit. Following Coinbase’s inclusion in the S&P 500, shares surged 24% on Tuesday, the biggest rally since President Donald Trump’s election. The change, replacing Discover Financial Services, will take effect before Monday’s trading session.

Stocks added to the S&P 500 often see a rise in value, as funds tracking the benchmark will add it to their portfolios. Coinbase shares soared 31% on Nov. 6, driven by optimism for more crypto-friendly policies post-election. The company was a key financial supporter in the 2024 campaign.

Despite a roller coaster ride for Coinbase shares, the company reported net income of $65.6 million last week. Revenue increased by 24%, reaching $2.03 billion. Coinbase also announced its plan to acquire Deribit, a major crypto derivatives exchange, for $2.9 billion, the largest deal in the crypto industry to date.

Read more: Coinbase jumps 24% after S&P 500 inclusion