JAKARTA – Coinbase has officially joined the Standard & Poor’s 500 (S&P 500) index, becoming the first cryptocurrency exchange to reach this milestone.

Coinbase CEO Brian Armstrong announced the news, describing it as a major step forward for the digital asset ecosystem.

According to Binance.com on Tuesday (13 May), the S&P 500, which comprises the 500 largest publicly traded companies in the United States, serves as a key indicator of the health of the stock market.

Coinbase’s inclusion in the index not only reflects the company’s success but also signals the growing acceptance of the cryptocurrency industry in mainstream investment.

Its entry into the S&P 500 is seen as a strong message that crypto is not to be underestimated, especially as institutional investors have historically been sceptical of digital assets.

"Coinbase has just become the first and only crypto company to join the S&P 500," Armstrong wrote on his social media account.

This milestone is expected to enhance the company’s visibility, stabilise its share performance, and attract more attention from major investors and index funds.

For context, Coinbase is a US-based financial technology company specialising in cryptocurrency exchange services, including Bitcoin, Ethereum, and other digital currencies.

Since going public in April 2021 under the ticker symbol COIN, Coinbase has faced various market challenges.

However, this achievement demonstrates the company’s resilience and further solidifies cryptocurrency’s role as an integral part of global finance.

"Beyond being a proud moment for Coinbase, this announcement reflects optimism about the future adoption of crypto in traditional finance," Armstrong stated.

As the first crypto firm in the S&P 500, Coinbase paves the way for other blockchain-based companies to follow in its footsteps. (DK/KR/LM)