crypto

Claire Yubin Oh5/13/25

Coinbase set to join S&P 500, becoming the first crypto company added to the benchmark index

Coinbase shares were as much as 10% higher in premarket trading on Tuesday after the news that the company will join the closely watched S&P 500 index.

The crypto exchange will replace Discover in the benchmark index before trading opens on May 19, as the financial services company is in the process of being acquired by Capital One.

With that, Coinbase becomes the first crypto company to join the S&P 500, reflecting how the exchange, and the wider crypto universe itself, has become a bigger part of the US financial system since the company went public in 2021. Last week, bitcoin spiked past the $100,000 price point as traders bought the coins through exchanges and increasingly popular bitcoin ETFs such as Blackrock’s IBIT, which now holds more than 600,000 bitcoin, or some 2.8% of the total supply.

The news also comes a week after Coinbase announced its plans to buy Deribit, the world’s biggest crypto options trading platform, based in Dubai, for a whopping $2.9 billion — the largest crypto deal to date.

This morning’s upward move undoes some of the weakness in Coinbase shares this year, which had dropped ~17% as of yesterday’s close.

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

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

With that, Coinbase becomes the first crypto company to join the S&P 500, reflecting how the exchange, and the wider crypto universe itself, has become a bigger part of the US financial system since the company went public in 2021. Last week, bitcoin spiked past the $100,000 price point as traders bought the coins through exchanges and increasingly popular bitcoin ETFs such as Blackrock’s IBIT, which now holds more than 600,000 bitcoin, or some 2.8% of the total supply.

The news also comes a week after Coinbase announced its plans to buy Deribit, the world’s biggest crypto options trading platform, based in Dubai, for a whopping $2.9 billion — the largest crypto deal to date.

This morning’s upward move undoes some of the weakness in Coinbase shares this year, which had dropped ~17% as of yesterday’s close.

More Crypto

crypto

Sage D. Young4/2/26

Solana drops to price not seen since February as Drift exploit rattles sentiment

Solana has historically seen its largest price declines on Thursdays, and today is no exemption as the crypto industry reels from the over $270 million exploit that occurred yesterday on Drift, a trading venue native to the solana blockchain.

The price of solana has decreased 5.5% to around $78, a level not seen since February, data from CoinGecko shows.

Drift was one of the largest protocols on the solana network by total value locked, which now sits at nearly $245 million. The total value locked on solana has shrunk by nearly $1 billion since the incident, per DefiLlama.

Exploit likely involved from social engineering

The attack, which has turned into a wider contagion event, is unsettling for those in the industry. It did not come from a bug in the protocol’s smart contracts or programs. “Humans remain the bottleneck,” Mert Mumtaz, cofounder and CEO of solana development firm Helius, said in response to the incident.

The exploit involved unauthorized transaction approvals likely facilitated through social engineering. The sophisticated operation “appears to have involved multi-week preparation and staged execution,” the team said on Thursday.

Omer Goldberg, founder of risk management firm Chaos Labs, added, “The DeFi [decentralized finance] ecosystem continues to grow in scale, but not in operational security.”

“Protocols now have custody of hundreds of millions in user funds while depending on admin key setups that would be considered unacceptable in TradFi for a fraction of that AUM [assets under management],” Goldberg wrote on X.

“Most hacks come down to the simple act of one clicking a link they shouldn’t have clicked. These are picking up in pace, be extra cautious clicking any link or file,” continued Helius’ Mumtaz.

Yaël Bizouati-Kennedy

Optimism around bitcoin’s trajectory is fading following Trump’s address, as whales continue to offload

Bitcoin has been stuck in a narrow range for the past few weeks, seemingly incapable of breaking in either direction.

People walk past an advertisement feature Donald Trump with...

Sage D. Young4/1/26

April 1 is known as a day for funny pranks. However, a popular trading venue on the solana blockchain, Drift, is suffering from an ongoing exploit today, on-chain data shows.

“Drift Protocol is experiencing an active attack. Deposits and withdrawals have been suspended. We are coordinating with multiple security firms, bridges, and exchanges to contain the incident. This is not an April Fools joke,” the team said on social media at 2:58 p.m. ET.

TheBlock reported the exploit is at least $200 million, while blockchain sleuth Lookonchain estimates the figure is $270 million. It could be even more. At this range, the Wednesday hack is among the largest ever, according to the exploits ranking dashboard from Rekt.

Drift’s exploit is concerning for those within the crypto industry. Solana treasury firm DeFi Development Corp. allocates a portion of its balance to on-chain strategies to generate yield, including Drift, though the firm announced it had no exposure to the protocol and “was not impacted by an alleged exploit affecting the platform,” per its press release.

Drift also provides to qualified users sACRED, a derivative token of a tokenized feeder fund that is linked to Apollo Global Management Inc.’s traditional Diversified Credit Fund.

Google Research: Quantum computers a “serious threat” to 6.7 million bitcoin, including Satoshi’s coins

“Their fast-clock architecture could crack a private key in 9 minutes, while bitcoin blocks take 10 minutes on average. That changes the threat model entirely.”

Quantum Computing illustration

Yaël Bizouati-Kennedy

Bitcoin treasury firm Nakamoto bought high and sold much, much lower as bitcoin suffers another bad quarter

Bitcoin is on track to close the first quarter of 2026 down more than 24%.

A bronze statue of “Satoshi Nakamoto”

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