Crypto
crypto
Claire Yubin Oh

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.

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Yaël Bizouati-Kennedy
12/29/25
Citi analysts set bitcoin bull case at $189,000 in 2026

Citi’s base case 12-month forecast for bitcoin is $143,000, which is well above the asset’s current all-time high.

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$1.2B
Yaël Bizouati-Kennedy

XRP ETFs have now crossed $1 billion in assets since the funds launched, according to SoSoValue, which shows total assets of $1.18 billion.

In September, the SEC approved generic listing standards, which paved the way for speedier listings and opened the floodgates for these products, and shortly after, Rex-Osprey launched the first spot XRP ETF available in the US.

Canary followed suit in November, launching an ETF trading on the Nasdaq under the ticker XRPC, which saw a record $58.5 million in trading volume on its first day. It’s the largest XRP ETF in the US, with $342 million in assets.

Grayscale, Bitwise, and Franklin Templeton also launched their own XRP ETFs in November. On December 11, 21Shares joined the XRP fund party.

It’s a noteworthy green shoot in the crypto space, as bitcoin and its ETFs have struggled, and XRP itself is down nearly 15% over the past month.

Jake Hanley, managing director and senior portfolio specialist at Teucrium Investment Advisors — which launched the first-ever XRP-based ETF in April, the 2x Long Daily XRP ETF — told Sherwood News that he is not surprised to see this level of interest in the XRP ETFs.

“We have long held that XRP and the Ripple ecosystem present a unique investment case among crypto assets. Crossing the $1 billion mark is yet another signal of the significant vote of confidence investors have in this increasingly important asset and ecosystem,” Hanley said.

Yaël Bizouati-Kennedy
12/10/25
Bitcoin rebounds but FOMC will set tone for Santa rally

Bitcoin symbol
crypto
Sage D. Young

New bitcoin AfterDark ETF will be bitcoin at night, Treasurys by day

Tidal Trust II submitted form N-1A with the SEC to register a bitcoin ETF designed to systemically capture the cryptocurrency’s overnight return profile, a time window that delivered a significant portion of bitcoin’s upside last year.

The Nicholas Bitcoin and Treasuries AfterDark ETF provides long bitcoin exposure during US overnight hours, from the closing bell until the following morning’s market open, when the fund intends to unwind its positions, according to a document filed with the SEC on Tuesday. 

To gain that exposure, the ETF may use a number of methods, including bitcoin futures contracts, US-listed ETFs, or exchange-traded options on such bitcoin underlying funds. When the market is open and daytime trading is active, the fund’s portfolio will consist of US Treasury securities and other cash equivalents. 

In 2024, most of bitcoin’s gains occurred after-hours, senior Bloomberg ETF analyst Eric Balchunas reported:

The AfterDark ETF filing comes as bitcoin crossed $94,000 on Tuesday, rising 4.5% in the last 24 hours. Even though spot bitcoin ETFs saw nearly $60.5 million in outflows on Monday, the investment vehicles have a cumulative net inflow of $57.6 billion, per SoSoValue.

Yaël Bizouati-Kennedy
12/8/25
Bitcoin will “snapback or chop ahead of the Fed” decision

Traders on prediction markets are divided, giving an equal chance that bitcoin drops below $80,000 or rises above $100,000 this year.

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