There was a time when crypto and the stock market were seen as separate entities. However, those days are behind us, and these financial niches are becoming increasingly in sync. Some suggest that the veil separating the two is slowly thinning.
In a recent merger between the two niches, US crypto exchange Coinbase Global is all set to join Wall Street’s S&P 500 Index. The news of this inclusion came on Monday, May 19th. This is a monumental moment as it marks the first time a digital asset company has been included in a benchmark index.
The S&P 500 is a market capitalization-weighted index that tracks the movement of 500 of the US’s leading publicly traded companies. With this inclusion, Coinbase will replace Discover Financial Services.
The news was first broken in a press release, stating, “Coinbase Global Inc. (NASD: COIN) will replace Discover Financial Services (NYSE: DFS) in the S&P 500 effective prior to the opening of trading on Monday, May 19.”
The inclusion of Coinbase suggests that the crypto community is on the front foot in terms of growth. In some time, we will likely see more and more crypto firms entering the fray of the stock market. Therefore, exciting times are ahead of us.
