Coinbase to Join S&P 500 Next Week in Crypto-Market Milestone

Coinbase Global Inc., the largest US cryptocurrency exchange, will be added to the S&P 500 Index in the latest milestone for the booming digital-asset industry.

The company will replace Discover Financial Services in the index prior to the start of trading on May 19, S&P Dow Jones Indices said in a press release. Shares of Coinbase were up 13% in after-hours trading.

The inclusion of Coinbase is viewed as a vindication by crypto faithfuls who helped President Donald Trump win the election in November.

“It’s a sign of the times,” said Dan Dolev, senior payments analyst at Mizuho. ...