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Coinbase To Join S&P 500 Index as Stock Surges 8.8%
Crypto exchange 
$COIN will join the S&P 500 index on May 19, S&P Global confirmed in a recent statement.
Coinbase will replace Discover Financial Services, which was recently acquired by Capital One Financial Corp.
The announcement sent $COIN shares soaring 8.8% to $225.40 in after-hours trading, reflecting market enthusiasm.
Inclusion in the S&P 500 will drive increased demand as index funds and ETFs that track the benchmark must purchase $COIN shares.
The crypto exchange joins Tesla and Block Inc. as major corporate #Bitcoin holders in the prestigious index.
Michael Saylor congratulated CEO Brian Armstrong, calling it "a major milestone for Coinbase and for Bitcoin."
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