Brian Armstrong, CEO of Coinbase, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 21st, 2025.
Gerry Miller | CNBC
Coinbase is joining the S&P 500, replacing Discover Financial Services in the benchmark index, according to a release on Monday. Shares of the crypto exchange jumped 8% in extended trading.
The change will take effect before trading on May 19. Discover is in the process of being acquired by Capital One Financial.
Since going public through a direct listing in 2021, Coinbase has become a bigger part of the U.S. financial system, with bitcoin soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds.
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