Coinbase is Getting a Seat at Wall Street’s Main Table… And Peter Schiff Just Lost His Appetite

By Stocks News   |   1 month ago   |   Stock Market News
Coinbase is Getting a Seat at Wall Street’s Main Table… And Peter Schiff Just Lost His Appetite

Some people manifest vacation homes in Cabo. Others stare in the mirror and recite affirmations before a big interview. And then there’s Brian Armstrong (CEO of Coinbase) who told the world last week that his company plans to become the #1 financial services app in the world within the next 10 years. Ambitious? You bet. Overconfident? Maybe. But here’s the wild part…

Coinbase

Just a few days after saying that, Coinbase got added to the S&P 500. The exclusive index where all the big dogs live. Google. Apple. Amazon. And now… Coinbase. A company that feels like it’s only been around since we were all holed up in our homes wearing masks (they were actually founded in 2012). Last Thursday, Armstrong told investors his crystal ball showed Coinbase transforming into a full-blown financial super app. Trading, payments, stablecoins, institutions, developers… he wants it all. Said crypto is “eating financial services” and that everything from real estate to debt is going on-chain. Basically: “In 10 years, JPMorgan who?” And Wall Street, instead of laughing him off the earnings call like they did back in 2022 said: “Sounds good, king. We’re putting you in the index.”

Coinbase is replacing Discover Financial in the S&P 500 after Discover got acquired by Capital One. That switcheroo officially happens on May 19. The news sent Coinbase stock flying… up 14% (as of right now) on potentially $6-$7 billion in market cap. If that holds, it would mark its highest price in over two months.

Coinbase

The move also means institutional funds that track the S&P 500 now have to buy Coinbase shares whether they like it or not. That’s how this works. Even if they think Brian Armstrong looks like a robot sent from the future to disrupt banks, they still have to buy the stock. Tough day to be Peter Schiff. Or anyone who’s spent the last decade calling crypto a Ponzi scheme from their leather office chair. Coinbase is now the first digital asset company ever to make it into the S&P 500. That’s like a new punk rock band being invited to play the halftime show at the Super Bowl. It just doesn’t happen.

Crypto used to be like Lloyd and Harry crashing that fancy Aspen party… completely out of place and wearing tuxedos that looked like Easter threw up. For years, it hovered around Wall Street like a loud outsider with conspiracy theories and Lambo dreams. But now, it’s stepping into the mainstream, backed by growing institutional interest and a friendlier regulatory environment that’s starting to warm up fast.

Coinbase

Now, you’re probably thinking… wait just a damn second, isn’t Coinbase still losing money? Not exactly. Yes, Q1 profit dropped hard compared to last year (from $1.18 billion to just $65.6 million) but they still turned a profit, and that’s one of the key S&P entry criteria. They also posted 24% revenue growth, clocking in at $2.03 billion.

Plus, they’ve survived the kind of volatility that sends most companies into the shadow realm. From SEC beefs to crypto winters, they’re still standing. This is more than a win for Coinbase… it’s a cultural moment for crypto.

Coinbase

Wall Street didn’t let Coinbase into the club out of pity. They let them in because crypto isn’t fringe anymore. It’s infrastructure. It’s money. And Coinbase is sitting at the center of it. So yeah, you can speak things into existence. Just make sure you’ve got the receipts, $50 billion in market cap, and maybe a stablecoin or two to back it up.

PS: It’s a mess out there.

One day the market’s ripping, the next day it’s Black Monday all over again. Recent earning’s reports have been a total coin flip. One stock beats and explodes 30%… the next misses by a penny and gets sent to the Shadow Realm. And through it all, everyone’s begging for Jerome Powell to finally cave and cut rates.

But underneath all the panic headlines (“Inflation too sticky!” “Recession imminent!” “Tariffs round 4 incoming!”) something wild is happening…

We’re seeing violent price action. Especially in the small-cap space, where low floats and high anxiety are creating the perfect recipe for 100%+ pops before lunchtime. Some of these names are moving 200%+ in under 24 hours… and to our knowledge, NO ONE else is covering them.

Except us.

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