Coinbase became the first cryptocurrency-related company to enter the S&P 500.
Coinbase joined the S&P 500 in May 2025, marking a major step for a business built around digital-asset trading and custody. The index tracks large U.S. companies that meet requirements involving market capitalization, liquidity, profitability, and other eligibility criteria. Inclusion can increase a company’s visibility because index funds seek to hold shares of its constituents.
Coinbase became a public company through a direct listing on Nasdaq in April 2021 rather than a traditional initial public offering. Its revenue is strongly influenced by cryptocurrency trading activity, especially transaction volume and asset prices, so its market capitalization can be volatile.
The milestone does not mean Coinbase was the first cryptocurrency company to become public. It means it was the first cryptocurrency-focused company selected for the S&P 500. Companies connected to digital assets, such as Block and MicroStrategy, have different business models.