Coinbase will become the first crypto company in the S&P 500

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Coinbase will become the first cryptocurrency company in the S&P 500

Starting May 19, Coinbase shares will be added to the S&P 500 index, replacing Discover Financial Services stocks.

Against this backdrop, the market capitalization of the Bitcoin exchange increased by 7.9%, to $52.78 billion.

Coinbase shares rose to $207.22, remaining below the December peak of $343.

Since the beginning of the year, Coinbase shares have fallen by 16.54%.

Daily chart of Coinbase stock on the Nasdaq exchange. Data: Finviz. Trading in securities of the bitcoin exchange started in April 2021 at a mark of $381.

Recall that in March, the platform's CFO, Alessia Haas, reported discussions with the SEC regarding the idea of launching operations with tokenized securities.

In April, Coinbase confirmed rumors about the possibility of applying for a federal bank license in the United States.

In May, the company agreed to purchase Deribit — the largest platform for trading Bitcoin options. The deal amounted to $2.9 billion.

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