Coinbase Stock Surges 25% on S&P 500 Inclusion Milestone

Coinbase will join the S&P 500 index on May 19, becoming the first pure-play crypto company ever added to the benchmark. It replaces Discover Financial, which is being acquired by Capital One, marking a major symbolic and financial shift for the legacy index.

Shares of COIN jumped 25.22% to $259.70 on Tuesday, adding over $8 billion in value and breaking even on the year after a slow start. The stock also saw after-hours gains Monday following CNBC’s report confirming its inclusion in the S&P.

"This is a watershed moment for Coinbase and the industry," said Oppenheimer analyst Owen Lau, who upgraded his price target to $293. Traders expect passive funds tracking the index to accumulate COIN stock in the days ahead, boosting demand from institutions.

The inclusion follows Coinbase’s Q1 net income of $527 million and a recent $2.9 billion deal to acquire Deribit, a crypto derivatives exchange. While earnings remain volatile, analysts say regulatory relief under the Trump administration has opened the door for further crypto firm listings.

Curve Front-End Hijacked in DNS Record Attack

Curve Finance confirmed that its website suffered a DNS-level attack, redirecting users to a malicious clone that mimicked the legitimate app. The hijack altered Curve’s domain records, pointing traffic to a fake interface rigged with scripts meant to trick users into approving token transfers. Curve said the breach did not affect its smart contracts, and that funds interacting directly with contracts were never at risk.

Security teams isolated the issue quickly, initiated an investigation, and contacted their domain registrar to regain control of the front end. Experts say DNS exploits remain one of the most dangerous vectors, as users rarely detect spoofed sites using valid domain names. Curve has urged users to rely on verified contracts and avoid interacting with the site until normal operations resume.

PumpSwap Introduces Revenue Share for Token Creators

PumpSwap introduced a revenue-sharing system this week that allocates 50% of its swap fees to token creators. The new model grants creators a 0.05% cut from every transaction, which could amount to millions based on the exchange’s recent $11.2 billion monthly volume. Critics say the program rewards low-effort devs and incentivizes financial abuse of meme coin communities.

Several users on X expressed concern that the payout model undermines community-led projects, where developers have already abandoned tokens. Others warned it could entrench rug-pullers who continue profiting from fees while doing no ongoing work. PumpFun has yet to clarify whether it will restrict payouts to projects that meet certain trust or longevity thresholds.

Trump Memecoin Gala Finalists Face Background Checks

Organizers behind President Trump’s official meme coin announced that the competition to attend a private dinner with the president has ended, with 220 winners chosen. Attendees will receive emails with instructions and must pass background checks to confirm their eligibility. The gala is scheduled to be held later this month at Trump National Golf Club in Washington, D.C.

Since its launch in January, the TRUMP token has seen dramatic price swings, peaking at $73 before falling to nearly $12 in recent days. Critics have accused the project of gamifying political access and raising ethics concerns, especially as Trump's family remains involved. Senate Democrats are investigating whether the initiative presents conflicts of interest tied to public office.

Data of the Day

Crypto traders suffered the year’s largest short liquidation event on May 8, with over $670 million in positions wiped out during a broad rally. Bitcoin accounted for more than half the losses that day, but altcoins drove the bulk of liquidations through the weekend. Exchanges like Bybit and Binance led the cascade, with Bybit alone seeing $290 million in forced closures.

The surge in asset prices followed positive sentiment around new trade talks between the U.S. and China, which helped reverse months of bearish pressure. Ethereum climbed over 20% during the same window, and TOTAL3, a broad altcoin index, rose more than 7%. Analysts say short sellers were blindsided by the speed and scale of the move, especially across small-cap tokens.

More Breaking News

• Wyoming has tapped Inca Digital to help secure its upcoming WYST stablecoin, slated to launch by July as the first state-issued, fiat-backed token.
• Yuga Labs has transferred CryptoPunks IP to the nonprofit Infinite Node Foundation, which will now guide the iconic NFT brand’s future.
• Galaxy Digital finalized its U.S. move and will begin trading on Nasdaq under GLXY this week, despite posting a $295M Q1 loss.
• DeFi protocol Sky reported a $5M Q1 loss as interest payments on its new stablecoin USDS surged 102%, erasing last quarter’s profit.
• Regulated crypto derivatives platform GFO-X has launched in the United Kingdom, targeting institutional clients with FCA approval and 24/7 trading.
• Thailand plans to issue a $150M investment-grade digital token within two months, aiming to offer higher returns than bank deposits.
• Robinhood will acquire WonderFi for $179M in an all-cash deal, marking its official entry into the Canadian crypto market.
• Paris police are investigating an attempted daylight kidnapping targeting a crypto entrepreneur’s daughter and grandchild in the city’s 11th arrondissement.

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