The Blockchain Bulletin May 14: Coinbase Joins S&P 500 as The First Crypto Firm
Hey folks! Welcome to the latest edition of our Blockchain Bulletin, where we bring you the latest and most valuable insights from the past 24 hours. In a landmark development for the cryptocurrency sector, Coinbase Global Inc. (NASDAQ: COIN) will officially join the S&P 500 index ahead of trading on Monday, May 19, 2025, becoming the first and only crypto-focused company to be included in the benchmark index. The change follows the upcoming removal of Discover Financial Services, which is being acquired by Capital One Financial after receiving regulatory approval in April.
Meanwhile, the crypto world continues to deal with the consequences of cyber vulnerabilities. In January 2024, the SEC’s official X account was compromised in a SIM swap attack, leading to a false announcement about the approval of Bitcoin exchange-traded funds, sending shockwaves through the markets. The erroneous post caused Bitcoin’s price to spike by over $1,000 before the SEC swiftly deleted the announcement and confirmed the real approval the next day. Eric Council Jr., who pleaded guilty to his involvement in the hack, now faces a two-year prison sentence, as recommended by U.S. prosecutors.
Related: BlackRock Meets SEC to Shape Future of Crypto Investments
As far as regulatory developments are concerned, the SEC said in a filing on May 13, 2025, that it has not yet reached a conclusion on the NYSE’s 19b-4 application to list Grayscale’s spot Solana ETF (SOL ETF). This delay, being expected, caused Polymarket prediction markets’ sentiment briefly to fall from 89% to 80% before bouncing back to 82%. The SEC has 240 days to issue the final decision; hence, the deadline would most likely be in October 2025.
In the Middle East, Dubai continues its push to become a global digital finance hub. At the Dubai FinTech Summit, Dubai Finance and Crypto.com signed an MoU that will allow them to use crypto for the payment of government services. The initiative is one of the emirate’s cashless strategies to modernize its financial infrastructure. “The initiative is a testament to Dubai’s ambition to be at the forefront of financial innovation,” said His Excellency Abdulla Mohammed Al Basti.
Related: Loopring Price Prediction 2025-35: Will It Hit $50 by 2035?
In Asia, Tether Gold (XAU₮) has been listed on Maxbit, a digital exchange based in Thailand, marking a first for the region. Each XAU₮ token is backed 1:1 by physical gold, with an overall supply supported by 246,523.33 ounces, equal to over 7.7 tons of gold. The listing on Maxbit allows 24/7 trading of tokenized gold, combining the market flexibility of digital assets with the reliability of a traditional store of value.
And lastly, Animoca Brands announced that it intends to go public in the United States, encouraged by an environment it calls crypto-friendly under President Donald Trump. Executive Chairman Yat Siu added that the company, having investments in Web3 and gaming, sees a public listing as a strategic move and also as a statement that innovation in crypto is more than just financial speculation.
