Coinbase becomes the first crypto-parent company in S & P 500

Coinbase is set to join the S & P 500 index 19. May, replacing the detection of financial services, as reported CNBC. Discover financial services is in the process of acquired foreign capital.

The change comes as a coin attracts interest in institutional and retail investors. The actions jumped 8% in Rasim trading after the announcement.

Coinbase will be the first cryptocurrenci-parent company in S & P 500 and reflects the growing presence of crypto in the main finances, especially as many institutions gains approval for Bitcoin Stock funds.

The company went public 2021. years and has expanded its role in the American financial system. However, its value of stock remains far below its all time. On Monday, the coins closed $ 207.22 per share, down from their top of over $ 357 in 2021. Years. His current market cap is 53 billion dollars. In order to join, the company must set profit in the latest quarter and shows cumulative earnings over the past year.

Companies added to S & P 500 often see bumps in the price of shares, because they must buy an index in monitoring funds. Coinbase will now sit together with other technological companies that have recently added, such as Dell, Palantir, Super Micro Computer and Crowdrike.

Coins reported net income of $ 65.6 million for the first quarter or 24 centh per share. A year ago, net income was $ 1.18 billion, or 4.40 dollars per share, which he reflected a much stronger cryptocurrency market at the time. Adapted for cryptocurst investment swings, the last quarter of profit is 527 million dollars or $ 1.94 per share.

The income increased by 24% of the year to 2.03 billion dollars, although it missed the valuation of Vall Street in the amount of $ 2.1 billion. Most of the income came from transaction fees, which amounted to 1.26 billion dollars. Subscription and services added 698 million dollars.

Consumer trading volume fell 17% to $ 78.1 billion from the previous neighborhood, while institutional volume fell 9% to $ 315 billion. Last year, the activity spread last year after the choice of Donald Trump, which was applied to many as more cryptocurrent in industry.

In April, coinbase earned $ 240 million in revenations from transactions, despite creptocurnancy prices, becomes unstable again. That volatility was associated with uncertainty due to the proposed tariffs of Trump, which made some investors indecisive to remain in the property of risk.

For the second quarter, the coin expects a $ 600 million subscription and $ 680 million. It also expects the income that stablecoin falls a little down, compensating lower blockchain awards for falling token price.

KOINBASE also asks to expand abroad. Last week, he announced plans for the procurement of deribit, crepticucurrency derivatives on derivatives based in Dubai, for $ 2.9 billion. The deal is one of the greatest in the history of the cryptocarca and can help the company diversify its income outside the American markets.

The stock market has noticed growth in the business of derivatives, which writes to acquire a market share. However, the stock of the waite remains decreased by 17% for the year, last bitcoin, which is about 10% in the same period.

CFO Alesia Haas called the inclusion of S & P 500 “Main Milestone” for a tavern and cryptocurrency as a whole.

“Joining this prestigious index reflects how far coinbass and industry came and the signal is where the world moves,” Haas said.

KOINBASE is now joined by the ranks of other major owners of corporate bitcoin already in S & P 500, including Tesla and Block Inc.

(Photo would Unravel)

See also: Trump is not sure if he cashed his crypt

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Tags: crypto, Crypto investment, Market research