Expanding Global Footprint Since going public via a direct listing in 2021, Coinbase has solidified its role within the US financial system, coinciding with a surge in Bitcoin prices and the approval of major institutions to create spot Bitcoin exchange-traded funds (ETFs). To qualify for inclusion in the S&P 500, a company must report a profit in its most recent quarter and have cumulative profitability over the last four quarters. Related Reading: Ethereum Price Pops Above $2,700 — Rally Gains Traction Once More The crypto exchange recently reported a net income of $65.6 million, or 24 cents per share, down from $1.18 billion, or $4.40 per share, a year earlier, largely due to adjustments in the fair value of its crypto investments.
Coinbase and its CEO, Brian Armstrong, have been prominent financial backers in the 2024 election cycle, supporting pro-crypto candidates across various levels. The company was among the top corporate donors, contributing over $75 million to a political action committee (PAC) called Fairshake, while Armstrong personally donated more than $1.3 million to multiple candidates.COIN Recovers 3.5% Gains While early developments in Trump’s administration seemed promising for the crypto sector—characterized by deregulation and an executive order aimed at establishing a strategic Bitcoin reserve—legislative progress has been sluggish. This stagnation is partly attributed to concerns about Trump’s personal financial interests in crypto ventures, including a meme coin initiative involving his family.
This change is set to take effect before trading begins on Monday. This latest rise in Coinbase’s stock reflects a dynamic few months for the cryptocurrency exchange, especially following Trump’s return to political prominence. Related Reading: Ethereum Prepares For $2,850 Rally, But Analysts Warn Of Potential Dip To These Levels The company saw a similar spike of 31% on November 6, 2016, when Trump was elected, driven by optimism that his administration would adopt more favorable policies toward the crypto industry.
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