S&P 500 Index Welcomes First-Ever Crypto Company
Proof of the continued entry of digital assets into the mainstream, the S&P 500 prepares to welcome the first-ever crypto company onto the index.
Coinbase Global will be added to the S&P 500 Index prior to the opening of trading on May 19, replacing Discover Financial Services, according to a statement by the global index company.
This marks the first time ever for a crypto company to be added on the leading US equity benchmark in yet another major milestone for the digital asset industry. There have been tailwinds and much optimism in the crypto space since the election of US President Donald Trump with greater regulatory clarity and potentially game-changing moves such as the announcement to establish a Bitcoin reserve and digital asset stockpile.
«First They Ignore You…»
In a social media post, Coinbase celebrated the S&P 500 listing as a major win for the crypto industry and jokingly recalled initial rejection by the mainstream.
«As the saying goes…'First they ignore you. Then they laugh at you. Then they fight you. Then they add you to the S&P 500’…or something like that,» the post said. «Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history.»
According to CoinMarketCap, Coinbase Exchange is the world's third largest crypto bourse with a 24-hour trading volume of over $4.9 billion.
