Coinbase jumps 24 % after the S&P 500 insert

Coinbase The shares increased by 24 % on Tuesday, and older than the next day President Donald Trump The election victory, after the Crypto Exchange in the S&P 500.

S&P Global said in a later version on Monday Coinbase He is replacing Discover financial services, which are in the process of acquisition Financial capital. The change will apply before trading on Monday.

The shares that are added to the S&P 500 are often increased in value because the money that follows the standard will add to its portfolios. For Coinbase, it’s the latest sharp step in what was troubled a few months ago since Trump was elected to return to the White House.

Coinbase shares rocket 31 % on November 6, the next day of the elections, on optimism that the incoming administration will adopt more echo policies President Joe Biden The term in the office.

The company and CEO Brian Armstrong was The main financial supporters In the 2024 campaign, with the support of the candidates supporting Carbuto, up and down in the ticket. Coinbase was one of the best donors to companies, giving more than $ 75 million to PAC called Fairshake and its subsidiaries. Armstrong personally contributed more than $ 1.3 million to a mixture of candidates.

Although the beginning of Trump’s term was mostly favorable to the encryption industry, by canceling restrictions and organization Executive order To create Bitcoin strategic reserves, legislation has not yet been able to stop. This is partly due to the concerns surrounding Trump’s personal efforts to take advantage of encryption through the Mimi currency and other family initiatives.

Coinbase also works on the rotating ship, as it decreased by 26 % in February and 20 % in March, where Trump’s identification ads had led to investors out of risk. With a gathering on Tuesday, the stock now rose about 3.5 % for this year.

since Go to public places Through a direct list in 2021, Coinbase became a larger part of the American financial system, as the value of bitcoin in the value and large institutions that obtained regulatory approval increased to create exchanged funds in the sales.

Bitcoin rose last week, reaching $ 100,000 and approaching the record price in January. The encryption currency exceeded $ 104,000 on Tuesday.

To join the S&P 500, the company must have reported a profit in the last quarter and has cumulative profits on the latest four.

Coinbase last week I mentioned Net income of $ 65.6 million, or 24 cents per share, a decrease of $ 1.18 billion, or $ 4.40 per share a year ago, after calculating the fair value of its investments in encryption. Revenue increased by 24 % to $ 2.03 billion from $ 1.64 billion a year ago.

The company announced last week as well Dubai -based Deribit is planningThe major encryption derivatives exchanged $ 2.9 billion. The deal, which is the largest in the encryption industry so far, will help expand its scope outside the United States

He watches: Bitcoin exceeds $ 100,000