0958 ET - Coinbase Global is ascending further into the mainstream. The U.S. cryptocurrency exchange is set to replace Discover Financial Services in the S&P 500 starting May 19. Coinbase's slated addition to the index marks another symbolic milestone for the company, one that comes as the Trump administration has adopted a friendlier stance to the crypto industry. Oppenheimer analysts say in a research note that the inclusion has huge implications for the company and industry at large, including increased purchases from index funds. "Lack of deep institutional ownership was a bear thesis for Coinbase, but it has now become a strong tailwind," they add. Coinbase surges 16% in early trading. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
May 13, 2025 09:59 ET (13:59 GMT)
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