Coinbase Now In S&P 500
When the stock market opens on Monday 5/19, Coinbase will officially be part of the S&P 500. This is a huge accomplishment for Coinbase as it's the first crypto-focused company to be added to the S&P 500. It's also a "major milestone" for crypto signaling growing acceptance with mainstream finance. Now that Coinbase is a part of the S&P 500 stronger demand for the stock can be expected since index funds that track the S&P 500 are required to purchase shares of the newly added company. After the announcement was made Coinbase stock jumped significantly by 24% on the next trading day. CEO Brian Armstrong stated "Our long-term goal is we want to the the largest financial service app in the world."
Coinbase Rocked by Hack
Unfortunately 2 days after the huge news, Coinbase was hit with a cyber-attack with an expected financial hit between $180 million to $400 million. Some customer names, address and emails were compromised by the hackers in the cyber attack, with login details remaining secure. The hackers targeted and bribed oversea contractors into gathering and stealing the customer information. Insteading of paying the hacker's ramson demands, CEO Armstrong issued a $200 million reward for information on the hackers who were behind this attack.
SEC Delays Solana ETF Decision
The Securities and Exchange commission pushed back on the Soloana ETF decision to October 2025. Solana continues to be one of the most utilized chain in all of crypto with its ultra high speed and low transaction cost. The Soloana ecosystem and community is one of the strongest in the cryptoverse and attracts numerous project and developers to the chain. Soloana is the only other crypto coin that has been adopted by several publicly traded companies as a reserve asset next to Bitcoin. Even with this delay by the SEC investors still feel like the ETF will be approved before year end with an 82% chance.
Quick Hits
- The Abu Dhabi sovereign wealth fund disclosed owning $511 million Bitcoin through BlackRock’s ETF.
- Fidelity tells institutions to buy Bitcoin if they can’t match Bitcoin’s 65% return on capital.
- FTX to begin distribution to creditors of $5B on May 30th.
- Mastercard to launch new global crypto stablecoin cards.
- Basel Medical a publicly traded company announced they will buy $1 Billion dollars worth of Bitcoin.
- Robinhood buys Canadian crypto from WonderFi for $108 million as it expands its international footprint.
- Saylor post another Bitcoin buy tomorrow 5/19.
- Texas Expected to have final vote for strategic bitcoin reserve this next week.
