By Janet H. Cho
Crypto exchange operator Coinbase Global will join the S&P 500, replacing Discover Financial Services in the broad market index.
Shares of Coinbase jumped more than 9% in after-hours trading.
Coinbase, which trades on the Nasdaq under the ticker symbol COIN, will be added before trading opens on Monday, May 19, S&P Dow Jones Indices confirmed. Discover will drop out of the index at that time.
Discover Financial Services is being acquired by $Capital One Financial Corp(COF-N)$. in a deal expected to close soon, pending closing conditions.
With a market value of $50.8 billion, Coinbase is one of the largest companies not in the S&P 500 and has been considered a contender to join.
Coinbase recently announced plans to acquire Dubai-based Deribit, the world's largest trading platform for Bitcoin and Ether futures and options, in a $2.9 billion acquisition expected to close this year.
Write to Janet H. Cho at janet.cho@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 12, 2025 18:09 ET (22:09 GMT)
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