Coinbase is set to become the first pure-play crypto firm listed on the S&P 500, replacing Discover Financial Services. Following the announcement, Coinbase's shares rose by 8% in after-hours trading, with a current price around $226, down from its all-time high of over $343. The listing is effective before trading begins on May 19.

Coinbase's stock fell 7% after the company reported disappointing Q2 earnings, posting $1.5 billion in revenue, which was below analysts' expectations of $1.59 billion. The decline in transaction revenue by 39% from the previous quarter reflects the company's vulnerability to crypto market fluctuations, despite its efforts to diversify its offerings.