Coinbase has introduced 24/7 trading for Bitcoin and Ethereum futures, capitalizing on the growing demand in the derivatives market. This announcement follows their recent acquisition of Deribit, highlighting the exchange's strategic move to enhance its offerings in a trillion-dollar market.

Coinbase is launching its bitcoin rewards credit card for all users on its waitlist, allowing cardholders to earn between two to four percent back on purchases based on their asset holdings. The card, issued in partnership with Cardless and First Electronic Bank, offers additional benefits through the American Express Network. Early adopters have significantly increased their engagement with the Coinbase platform, contributing over $200 million in additional assets.

Coinbase is set to launch a yield-bearing Bitcoin fund aimed at institutional investors, enabling them to earn interest on their Bitcoin holdings. This initiative highlights the growing interest in cryptocurrency investment products among institutions and reflects the evolving landscape of digital asset management.

Coinbase has purchased $150 million in bitcoin, increasing its long-term investment portfolio to $1.3 billion, but the company is careful to clarify that its strategy is not akin to that of bitcoin maximalists like Michael Saylor. CEO Brian Armstrong emphasizes that Coinbase is focused on being an operating company in the crypto space, investing profits back into various crypto assets rather than solely identifying with bitcoin. This approach reflects a commitment to the crypto sector while avoiding the risks of a treasury strategy heavily tied to bitcoin holdings.

Coinbase is set to launch the Coinbase One Card in partnership with American Express, offering users up to 4% rewards in bitcoin on purchases. This initiative reflects a growing trend among crypto exchanges to provide payment cards, while also signaling Coinbase's interest in expanding its perpetual futures trading offerings in the U.S.

Coinbase's stock reached a closing price of $394.01 per share, resulting in a market capitalization exceeding $100 billion for the first time. This milestone comes on the heels of Bitcoin hitting new all-time highs and a significant surge in Coinbase shares over the past month.

Coinbase is set to join the S&P 500, replacing Discover Financial Services, with the change effective before trading on May 19. The announcement comes as Coinbase's shares surged 8% in after-hours trading, despite its stock being volatile and underperforming this year compared to bitcoin. Additionally, Coinbase recently reported a net income of $65.6 million and plans to acquire crypto derivatives exchange Deribit for $2.9 billion.