Why Coinbase Global Stock Soared Today
Wondering why Coinbase made headlines on Tuesday? Here's why the company is hot water cooler talk today.
Shares of Coinbase Global (NASDAQ: COIN) surged 23.8% higher at 2:30 p.m. ET on Tuesday, May 13. The operator of the leading cryptocurrency exchange in America will join the S&P 500 market index on its next update, scheduled for May 19.
Coinbase will replace the more traditional finance-sector company Discover Financial Services, ending Discover's 12-year tenure in the popular index.
Discover is moving out because fellow S&P component Capital One Financial is acquiring the company. The transaction will close on May 18, leaving an open seat around the S&P 500 table. The index's management team saw fit to introduce a cryptocurrency expert instead.
