Il 19 May 2025 It will be a historic date for the world of cryptocurrencies: Coinbase Global Inc., the largest cryptocurrency exchange in the United States, will officially enter the S & P 500, the most important US stock index. This was announced by S&P Dow Jones Indices, specifying that Coinbase to replace Discover Financial Services, set to exit the index following its acquisition by Capital One.
The announcement had an immediate impact on the markets: the title COIN in the pre-market it rises by more than 9%. A clear signal of how much the market perceives this inclusion as a definitive legitimization of the role of cryptocurrencies in traditional finance.
The S&P 500 as a Consecration: What Changes for Coinbase (and Bitcoin)?
Joining the S&P 500 is not just a symbolic recognition, but a key step from a financial perspective. The index is in fact replicated by hundreds of passive funds and ETFs, which means that the Coinbase shares will be automatically purchased by numerous institutional and retail portfolios, with a direct effect on liquidity, visibility and stability of the title.
To access the benchmark, companies must meet stringent requirements: capitalization of at least $20,5 billion, solid parameters of profitability, an adequate one share float and a high level of liquid assets. Coinbase caught up with them after years of evolution and resistance to systemic shocks, such as the failure of the FTX platform in 2022.
For the entire crypto ecosystem, this step could represent a turning point. After the spot Bitcoin ETFs launched at the beginning of the year, the inclusion of COIN in the S&P 500 marks a further step towardsStructural integration of cryptocurrencies into traditional financial markets.
Cryptocurrencies in the mainstream
Coinbase's entry into the index comes at a favorable time for the crypto world, including on a political level. The return of Donald Trump in the White House It has coincided with a wave of enthusiasm and extraordinary actions in the sector: pro-crypto appointments in federal agencies, rollbacks of SEC enforcement actions, and an openly pro-digital asset policy.
Coinbase's inclusion in the index is therefore not just a technical revision, but the reflection of a deeper change. "It's a sign of the times", He comments Dan Dolev, senior analyst at Mizuho, noting that it is the first crypto stock to enter the S&P 500: “It is the Official welcome of the crypto world to the mainstream".
"We are honored to be included in such a prestigious index. This milestone is a reflection of the progress made by both our company and the industry as a whole. It is a clear signal of where the world is headed,” he commented. Alesia Haas, CFO of Coinbase.
The Lights and Shadows of Coinbase
Despite the recognition obtained, the Coinbase's financial journey is anything but linear. After direct quote 2021 – a first for a crypto company on Wall Street – the stock has experienced periods of strong volatility. In the last two years it has achieved a + 260 %, bringing the capitalization to approximately 53 billion dollars, but only in 2025 has already lost the 17%, while the Bitcoin earned almost the 10%.
The results of the first quarter of the year show some and different shadows: revenues up 24% compared to the previous quarter, but down by 10% on a sequential basis. TheNet income it has contracted 94%, stopping at 66 million dollars, also due to the devaluation of cryptocurrencies held on the balance sheet.
Meanwhile, the company founded in June 2012 by Brian Armstrong and Fred Ehrsam is also aiming for its consolidation. In fact, news from a few days ago was the acquisition of 2,9 billion dollars di deribit, the world's largest exchange for options on Bitcoin and Ether. A move that also strengthens its presence in the sector of crypto derivatives, increasingly relevant for the institutional investors.
It is not yet possible to say whether this phase represents a definitive turning point for Bitcoin, but one thing is clear: The line between traditional finance and crypto-economics is blurring. And starting May 19, Wall Street will also be called upon to confront blockchain.
