Coinbase shares spike as crypto exchange set to join S&P 500, replacing Discover Financial

Group 1 - Coinbase is joining the S&P 500, replacing Discover Financial Services, with the change effective before trading on May 19 [1] - Shares of Coinbase increased by 8% in extended trading following the announcement [1] - The market capitalization of Coinbase is currently $53 billion, with shares closing at $207.22, significantly below its peak of over $357 in late 2021 [2] Group 2 - The addition of stocks to the S&P 500 typically leads to an increase in their value as funds tracking the index incorporate them into their portfolios [3] - The S&P 500 index has a strong focus on technology companies, reflecting the large market caps of major players in the sector [3]