Coinbase’s COIN Stock Rises Following NYSE Debut and S&P 500 Inclusion, Hinting at Increased Institutional Demand
The post Coinbase’s COIN Stock Rises Following NYSE Debut and S&P 500 Inclusion, Hinting at Increased Institutional Demand appeared on BitcoinEthereumNews.com.
Coinbase’s COIN stock surges 16% to $241 following its debut on the NYSE after joining the S&P 500. Coinbase’s inclusion in the S&P 500 is expected to increase institutional demand, with $5.3 trillion from institutional investors set to buy COIN shares. The stock’s NYSE listing signals Coinbase’s stability and growing acceptance in traditional finance, boosting its market position. Today’s crypto update highlights Coinbase’s major stock surge and institutional investor interest following its inclusion in the S&P 500. Crypto News of the Day: Coinbase’s COIN Stock To Open on the NYSE After Joining S&P 500 COINOTAG reported on Coinbase Exchange’s landmark ascension to the S&P 500. Specifically, Coinbase Global Inc. will replace Discover Financial Services on the S&P 500, effective before the market opens on Monday, May 19. The report had sent Coinbase stock, COIN, up nearly 10% on May 12, and now the crypto equity has another bullish fundamental providing a tailwind on Tuesday. COIN opened on the New York Stock Exchange (NYSE) at 9:30 AM ET today, May 13, fresh off its inclusion in the S&P 500. Following the debut, the COIN price is up by over 16% and is trading for $241.23 as of this writing. The NYSE is one of the world’s largest stock exchanges, providing a marketplace for trading stocks, bonds, and other securities. Notably, the NYSE has strict listing requirements, meaning COIN stock trading there signals Coinbase Global Inc.’s stability and could attract more institutional investors. Being in the S&P 500 and the NYSE means index funds and ETFs tracking the index will buy COIN shares, increasing demand and potentially boosting the stock price. The Bitwise data highlights that $5.3 trillion from institutional investors and $1.6 trillion from ETFs will contribute to the $15 billion in estimated Coinbase purchases. This reflects the growing mainstream acceptance…
