Three years ago, on June 6, 2023, the SEC dropped a lawsuit on Coinbase that looked like it could fundamentally reshape the company’s future. The agency accused it of operating as an unregistered national securities exchange, broker, and clearing agency, while also taking aim at its staking offerings.
Fast forward to today, and Coinbase is marking that anniversary from a rather different position: as a member of the S&P 500.
From courtroom to cornerstone index
Coinbase officially joined the S&P 500 on May 19, 2025, after the announcement dropped on May 12. It replaced Discover Financial Services, which was being absorbed by Capital One’s acquisition.
The inclusion made Coinbase the first crypto-native company to crack America’s flagship stock index. The S&P 500 is the benchmark that trillions of dollars in passive investment track. Getting in means index funds, ETFs, and retirement accounts across the country now hold COIN whether individual investors chose it or not.
