Launched by Brian Armstrong and Fred Ehrsam in 2012, Coinbase Global (Nasdaq: COIN) is the largest crypto trading exchange in the United States.

The exchange, already popular for its crypto offerings, has also made its foray into prediction markets and stablecoins.

In fact, the company’s stablecoin business is a major contributor to the revenue.

This is why Coinbase is among the top stakeholders in the CLARITY Act, the stablecoin rewards provision of which generated a lot of animosity between the crypto and banking industries.

Related: Coinbase CEO proposes surprising fix to $60B remittance fees

Coinbase joins S&P 500 in May 2025

Coinbase, which went public in 2021, was included in the S&P 500 benchmark in May 2025. The index is composed of large-cap tech companies along with other players.

For a crypto company to earn the much-coveted spot on the benchmark was a disruptive moment for the global markets, as the S&P 500 is dominated by established tech players.

The announcement enthused the company’s stock, and it hit the all-time high (ATH) of $444.65 on July 18, 2025.

Trending on TheStreet Roundtable:

Coinbase stock down 25% in a year

But the flash crash on Oct. 10 shocked the entire crypto market, and Coinbase was no exception.

Since then, the stock has failed to recover as it fell from over $400 on Oct. 10, 2025, to as low as $139.36 on Feb. 12, 2026.

In fact, the Coinbase stock has sunk 25% in value since joining the S&P 500.

When it joined the benchmark on May 19, 2025, the stock opened at $259.78. A year later, it closed at $189.44 on May 18, 2026, reflecting a decline of more than 25%.

The COIN stock was trading at $190.15 in premarket hours on May 21.

Related: Coinbase announces layoff ahead of earnings

This story was originally published by TheStreet on May 21, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.