- The inclusion, efficient earlier than buying and selling begins on Might 19, will see the crypto main changing Uncover Monetary Providers within the index.
- Analysts at Bernstein estimate the transfer might set off roughly $9 billion in inflows from passive funding automobiles linked to the S&P 500.
- At a market capitalization of roughly $52 billion, Coinbase would signify round 0.1% of the S&P 500
Coinbase is about to grow to be the primary pure-play cryptocurrency agency to be included within the S&P 500 index.
The inclusion, efficient earlier than buying and selling begins on Might 19, follows the pending completion of Uncover Monetary Providers’ acquisition by Capital One.
Wall Avenue brokerage Bernstein estimates that Coinbase might see roughly $16 billion in shopping for stress because of its inclusion within the S&P 500.
Of this, round $9 billion is predicted to return from passive index funds that observe the benchmark, whereas an extra $7 billion might stem from lively fund allocations responding to the index change.
“We estimate $9 billion potential shopping for into Coinbase pushed by passive S&P 500-linked ETFs and non-ETFs,” mentioned Bernstein’s Gautam Chhugani in a notice to purchasers on Tuesday.
For S&P-benchmarked lively funds, a 0.1% allocation might translate into one other $7 billion in potential shopping for, he added.
At a market capitalization of roughly $52 billion, Coinbase would signify round 0.1% of the S&P 500 and about 0.7% of the index’s monetary sector weighting.
The S&P 500 at the moment has a complete market worth of about $52 trillion.
The lengthy street to mainstream
Coinbase’s path to the index follows what Bernstein described as a dramatic turnaround, after the corporate had beforehand been concerned in litigation with the US Securities and Trade Fee.
Coinbase debuted on the Nasdaq through a direct itemizing in April 2021 and now holds about 66% share of the US crypto trade market, with greater than $400 billion in property and round 10 million lively customers.
Because the saying goes…
“First they ignore you.
Then they giggle at you.
Then they struggle you.
Then they add you to the S&P 500.”…or one thing like that.
— Coinbase 🛡️ (@coinbase) May 12, 2025
“This can be a massive deal,” mentioned Coinbase President and COO Emilie Choi.
“The S&P 500 is arguably essentially the most tracked and influential index on the planet, is a 401(okay) cornerstone, and a magnet for institutional capital.”
CEO Brian Armstrong added, “Crypto is about to be in everybody’s 401k,” and expressed hope that entry right into a COIN50 index would possibly finally carry related weight.
Market response to Coinbase’s inclusion
Coinbase shares rose about 16% within the early hours of buying and selling on Thursday following the announcement and had been final seen buying and selling at $241.60.
Nonetheless, the inventory stays down about 5% year-to-date.
The itemizing comes shortly after Coinbase introduced a $2.9 billion deal to amass Deribit, a crypto derivatives trade.
The acquisition consists of $700 million in money and 11 million Coinbase Class A shares.