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Coinbase Spikes On S&p 500 Inclusion

Beyond the bragging rights, all sorts of funds must now buy $COIN, likely giving the stock some demand tailwinds in the near future.

C&B 500

Coinbase will enter the S&P 500 on May 19, replacing Discover Financial (who was recently acquired by Capital One). Getting a seat in the 500 means that Coinbase has met the index’s bar for market cap and, more importantly, four straight quarters of cumulative profit. Beyond the bragging rights, all sorts of funds must now buy $COIN ( ▼ 7.2% ), likely giving the stock some demand tailwinds in the near future. What else? The move essentially cements crypto as part of mainstream US finance – a milestone not only for Coinbase, but for all of us. 🙂 

Robinhood To Acquire Wonderfi

Robinhood (HOOD) today announced a deal to acquire WonderFi (WONDF), the Canadian crypto exchange operator, for C$250 million ($178.98 million), a 41% premium to yesterday’s closing price.

WonderFi was the product of a three-way merger back in April 2023 between WonderFi, Coinsquare, & Coinmart. Long time readers of CoinSnacks will know we weren’t really fans of WonderFi calling the merger “a bit sketchy” for a multitude of reasons. Since that article the stock has fallen north of 75% (and that’s including today’s 35% price spike).

Galaxy Q1 Earnings

While it’s no S&P 500, Galaxy Digital (GLXY)– the Canadian company we’ve been following for years at CoinSnacks – will be uplisting to the NASDAQ this Friday on May 16. The company’s Q1 2025 earnings, released this morning, largely reflects its shift in accounting measures and reorganization efforts as it looks to focus on both crypto and AI data centers.

The firm reported a net loss of $295 million, driven by a slump in digital asset prices and massive impairment charges. Despite the weak QoQ metrics, the company's balance sheet remains in good shape, with $1.1 billion in cash and stablecoins, plus equity capital of $1.9 billion. With all the headachey restructuring out of the way — we look forward to Mike and team simplifying their message to investors going forward.

Q1 was not a great quarter for crypto or for Galaxy. Thank goodness, both the crypto markets have rebounded and our P L has as well. And so we're coming into this listing week with what we feel is great momentum and great energy.”

- Mike Novogratz, CEO of Galaxy Digital

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