Shares of Coinbase (COIN) are up big following news that the company will be joining the S&P 500 index later this month.
In an announcement, Coinbase’s chief financial officer Alesia Haas says that COIN being added to the index is a signal of how far the crypto industry as come.
“It’s been a monumental few months for crypto, with the election of a pro-crypto federal government, BTC and USDC reaching new all time highs, and now the inclusion of COIN as the first and only crypto company in the S&P 500, a well-respected benchmark for the US economy. We are honored to be included and grateful for this recognition.
This is a major milestone, not just for Coinbase, but also for the entire crypto industry. Joining this prestigious index reflects how far Coinbase and the industry have come and is a signal of where the world is heading.”
Owen Lau, an analyst at wealth management giant Oppenheimer, told Reuters that the firm’s price target for COIN had been raised to $293.
Says Lau,
“It is a watershed moment for Coinbase and the industry. It sets an example for other crypto companies to go public and earn a seat in the S&P 500…
We believe S&P 500 inclusion will benefit Coinbase for a while as institutional investors take time to prepare to get into the stock.”
Meanwhile, analysts at Bernstein have reportedly raised their COIN price target to $310.
At time of writing, COIN is trading at $253, up 23% from yesterday’s low, and has almost recovered its year-to-date losses.
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