S&P Dow Jones Indices said on 12 May that Coinbase Global Inc. will be added to the S&P 500, effective before the start of trading on 19 May. The move makes the San Francisco-based cryptocurrency exchange the first company whose primary business is digital-asset trading to enter the benchmark equity gauge.
Coinbase will replace Discover Financial Services, which is set to leave the index amid its pending acquisition by Capital One Financial. The reshuffle reflects the index committee’s rules that remove companies involved in corporate actions and admit firms that meet market-capitalization and profitability thresholds.
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