Coinbase has made it into the S&P 500, replacing Discover Financial Services in the index, according to a release on Monday.
The change will take effect before trading on 19 May, as it enters the top 500 Wall Street stocks with a valuation of US$53 billion.
Led by crypto boffin Brian Armstrong, Coinbase went public in 2021, and has since become a bigger part of the U.S. financial system.
Its valuation has soared on the back of bitcoin (BTC) soaring in value and large institutions gaining regulatory approval to create spot bitcoin exchange-traded funds.
Coinbase’s entrance comes on the back of BTC spiking last week, as it broke through US$100,000 and nears its record price high reached in January.
"Thank you to everyone who made it possible for a crypto company to join the S&P 500 for the first time in history," Coinbase said in a post on X.
The crypto wallet earnings for the March quarter were 24c per share, down from US$1.18 billion, or $4.40 per share a year ago; despite that, the strength of BTC has pushed its valuation higher.
The company is eyeing Dubai-based Deribit, a crypto derivatives exchange, for US$2.9 billion - which would be the biggest M&A deal in the crypto space to-date.
Coinbase shares jumped 8% on Monday to US$207.22 per share in extended trading.
