Coinbase stock will replace Discover Financial Services in the S&P 500 effective May 19, 2025.
COIN shares surged over 8 percent during Monday’s after-hours trading session.
Coinbase Global Inc. (NASDAQ: COIN) will be listed as part of the S&P 500 index, which tracks large-cap companies in the United States, on May 19, 2025. According to the announcement, Coinbase will replace Discover Financial Services (NYSE: DFS) in the S&P 500.
Furthermore, Discover Financial Services is being acquired by Capital One Financial Corp. (NYSE: COF), a constituent of the S&P 500 index.
The announcement received huge attention from the wider crypto community led by Michael Saylor, co-founder of Strategy. Moreover, the listing of Coinbase shares on the S&P 500 index further solidifies the growth and maturity of the cryptocurrency market and blockchain technology.
Congratulations @Brian_Armstrong on $COIN being added to the S&P 500 Index. A major milestone for Coinbase and for Bitcoin.
Following the announcement, COIN shares surged over 8 percent in Monday’s after-hours trading session to hover about $225. The large-cap company, with a market valuation of about $50 billion, successfully rebounded from a crucial support level above $150.
As a result, the COIN stock market is well positioned to rally beyond a crucial resistance level of around $348 in the near term. In the daily timeframe, COIN’s MACD line recently crossed above the seton line, amid the growing bullish momentum confirmed by the rising histograms.
Moreover, the company is heavily invested in Bitcoin and the wider altcoin market, which has signaled bullish momentum at the time of this writing. However, a consistent close below the recently established support level of around $150 will lead to further sell-off for COIN stock possibly towards the support level of around $116.
Recently, Binance Alpha – a feature within the Binance Wallet that showcases early-stage crypto projects – introduced a scoring mechanism called Binance Alpha Points. This system evaluates user activity within the Binance Alpha ecosystem.
This new scoring feature has attracted a wave of interest from airdrop hunters and significantly boosted trading volume on Binance Alpha. However, Binance Alpha Points have sparked mixed reactions.
Binance Alpha’s Daily Volume Surpasses $330 Million
Data from Dune shows that trading volume on Binance Alpha surged after Binance announced the Alpha Points on April 25.
By May 7, trading volume on Binance Alpha had exceeded $330 million. On May 5 and May 7, the platform recorded over 1 million daily transactions. The total accumulated trading volume has now surpassed $2.8 billion, with nearly 117 million transactions.
Binance Alpha’s Volume And Transactions. Source: Dune.
This achievement reflects the strong appeal of the Alpha Points feature. More users are actively trading to accumulate points and increase their chances of receiving airdrops.
At the same time, Binance has been announcing new project listings on Binance Alpha more frequently.
How Are Investors Responding to the Binance Alpha Points Initiative?
Wonnie, the founder of MBMweb3, is a vocal supporter of the Binance Alpha program. In a post on X, Wonnie described the program as “a golden window” for users to participate before it becomes overcrowded.
He shared his strategy for earning 15 points per day. He holds assets worth over $100,000, which gives him 4 points, and trades more than $2,048 daily, earning him 11 points.
Wonnie emphasized that the daily cost of maintaining this activity is around $1 in gas fees, highlighting the program’s strong profit potential.
“Binance Alpha is still a golden window. Track your score. Minimize costs. And take your share while the rewards are flowing,” Wonnie said.
However, not all investors share Wonnie’s optimism. Many have criticized Binance Alpha, calling it an “extraction scheme”.
One major point of controversy is that Alpha Points only count activity from the past 15 days. Users cannot accumulate points long-term, forcing them to trade continuously to maintain their scores, creating significant financial pressure.
Binance Alpha – A Scheme to Rekt You Without You Even Noticing.
Before we begin: right now, Binance appears completely greedy. Whenever they offer you something, trust me – they’re taking much more from you indirectly.
In addition, the reward requirements have become increasingly strict. Initially, users only needed 45 points to receive the AIOT airdrop. But now, Binance demands 150 points to qualify for the SXT airdrop.
This has led to users paying transaction fees but still not earning enough points to qualify for an airdrop. Some users even reach the required point threshold but fail the risk assessment, so they don’t receive the airdrop.
“Binance Alpha – a scheme to rekt you without you even noticing… Binance appears completely greedy. Whenever they offer you something, trust me – they’re taking much more from you indirectly,” investor Abhi criticized.
Despite these concerns, the number of projects featured on Binance Alpha continues to grow. According to CoinMarketCap, more than 140 projects have been listed on Binance Alpha.
Nine of those projects have conducted airdrops through the Alpha Points system.
A blazing Oracle Red Bull Racing F1 car races past hundreds of millions of viewers around the globe, with the Gate.io logo standing out prominently on its body. At the same time, in the digital realm, millions of Web3 users are embarking on their WCTC S7 journey, an exhilarating race in the world of global crypto trading. This marks the first time the crypto industry has resonated with mainstream culture in such a dynamic and synchronized fashion.
For Gate.io, 2025 is both a significant milestone, celebrating its 12th anniversary and a starting line for the future. At this critical juncture, Gate.io has not only completed a comprehensive brand upgrade, officially adopting “Damen” (大门, meaning “The Gate”) as its Chinese name, but also refreshed its visual identity, ecosystem positioning, and global strategic direction.
In an even bolder move, it has partnered with the world-renowned Oracle Red Bull Racing in F1, marking a major milestone in its global cross-industry collaborations and unlocking massive influence on a global scale.
From Red Bull, Seeing Gate.io’s Multi-Dimensional Brand Expression
On the F1 circuit, Red Bull stands for more than championship performance and cutting-edge innovation. It has evolved beyond its origins as an energy drink brand, expanding into racing, extreme sports, music, and media—becoming a benchmark for diversified global brand operations. Among its many endeavors, the team is undoubtedly the crown jewel of its multi-faceted brand strategy.
Both Red Bull and Gate.io are breaking boundaries and pushing limits in their respective domains. Red Bull through adrenaline-fueled spectacles, and Gate.io through technology-driven platforms and community-driven innovation. Their collaboration goes beyond exposure; it is a shared commitment to serving a global, young, open, and engaged audience.
For Gate.io, the partnership represents more than a marketing opportunity, it’s a powerful manifestation of its diversified strategy and a profound alignment of brand values, ecosystem vision, and user identity. On the world’s fastest track, a veteran yet constantly evolving crypto trading platform is now using speed, technology, and cultural synergy to redefine the imaginative boundaries of the next mainstream Web3 gateway.
According to Gate.io Founder and CEO Lin Han, Red Bull embodies the very ecosystem Gate.io strives to build: “Gate.io is more than just a digital asset exchange. We are building an open, technology-driven, globally collaborative platform. This vision is deeply aligned with Red Bull’s spirit and philosophy.”
A Brand Evolution: Gate.io “User Universe” Is Taking Shape
Behind the brand upgrade lies the synchronized evolution of Gate.io’s core businesses. The company has developed a multi-layered Web3 ecosystem that spans trading, wallets, public chains, educational platforms, and investment funds. From professional traders to developers, retail investors to institutional clients, Gate.io is attracting and empowering a broad user base with its expanding product offerings and increasingly sophisticated services.
According to its recently released Q1 2025 report, Gate.io’s ecosystem is growing rapidly, with key business lines showing robust momentum:
Trading volume is rising across the board, with futures trading volume increasing by approximately 31% quarter-over-quarter.
The platform token GT reached a record high of $25.96, up nearly 70% since the start of the year.
Total platform reserves exceeded $10.328 billion, ranking among the global top 4.
Quantitative investment is booming, with copy trading volume soaring by 780%.
Launchpool has been fully upgraded, facilitating the rapid launch of over 140 new projects.
Over 1,000 tokens have been listed in the Pilot Zone, capturing high-yield meme projects and emerging trends.
Meanwhile, Gate Wallet has built a comprehensive digital asset management solution supporting nearly 200 blockchains. Gate Connect facilitates transactions in 52 fiat currencies across 80 countries, offering more than 450 payment methods.
The newly launched Gate Card Silver virtual card, alongside the fast-growing Gate Community, is driving innovation through branded events, Gate Live interactive streams, Gate Post, Gate.io Chat Group, blogs, YouTube, TikTok, and other content channels. Through this multidimensional layout, Gate.io is constructing a diversified, full-spectrum Web3 ecosystem—a never-before-seen “user universe” is taking shape.
Faster and Further: Accelerating into the Global Mainstream Spotlight with F1
Partnering with Oracle Red Bull Racing in F1 marks Gate.io’s first global “accelerator” move following its brand upgrade and symbolizes a cross-industry exploration connecting crypto technology with mainstream culture. As a sponsor, Gate.io will appear at every F1 event throughout the season, with its logo shining on trackside screens around the world. More importantly, by leveraging Red Bull’s brand power, event visibility, and massive global fan base, Gate.io is opening a new “gate” for Web3 to enter the mainstream consciousness.
From rebranding and ecosystem expansion to entering the global spotlight of Red Bull Racing and its hundreds of millions of viewers, Gate.io is introducing the speed, warmth, and spirit of participation that defines Web3 in a bold new way. Looking ahead, Gate.io will continue deepening its diversified ecosystem strategy, forging connections across culture, content, and everyday life, creating a truly open, collaborative, and decentralized Web3 arena for users around the world. The gate is open, the future is accelerating. Let’s embark on the journey together.
Disclaimer: This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making investment decisions. Gate.io may restrict or prohibit certain services in specific jurisdictions. For more details, please read the User Agreement.
The week was notably bullish for the crypto market, with Bitcoin (BTC) reaching record highs of $111,980 and more optimistic predictions emerging. US states’ investment trends and regulatory developments dominated the spotlight, while Pi Network’s price surge also drew attention.
The following is a roundup of some of the most important developments in the crypto market this week.
14 US States Disclose $632 Million Stake in MSTR
One of the most notable developments this week in crypto was the revelation of US states’ $632 million holdings in Strategy’s MSTR stock. BeInCrypto reported that in Q1 2025, the holdings increased by an average of 42%.
“14 US states have reported $632 million in MSTR exposure for Q1, in public retirement and treasury funds. A collective increase of $302 million in one quarter,” Bitcoin Laws founder Julian Fahrer posted.
US State MSTR Stock Holdings. Source: Data Curated by BeInCrypto
California, through its state teachers and public retirement fund, led the pack with $276 million in MSTR shares, followed by Florida, North Carolina, and New Jersey. Despite a recent veto on a Bitcoin reserve bill, Arizona also increased its MSTR holdings.
Other states like Utah and Colorado showed substantial growth in MSTR investments, with the former’s holdings growing by 184% in the last quarter. On the other hand, while boosting its MSTR position by 26%, the Wisconsin Investment Board sold off its entire $300 million stake in BlackRock’s Bitcoin ETF.
Pi Network has been widely discussed since its open network launch in late February 2025. This week, Pi Coin (PI) dominated headlines due to its 11% price appreciation. BeInCrypto highlighted that the catalyst behind this uptick was an 86 million withdrawal from the OKX exchange.
This reduced OKX’s PI token balance to just 21 million. This mass movement suggested investors were holding rather than selling. This bullish signal is often associated with confidence in future price appreciation.
“This isn’t just a withdrawal—it’s a POWER MOVE by the Pi community. Scarcity is kicking in, and the market is feeling the heat!” a Pioneer posted on X.
Nonetheless, the high was fleeting. After the rise, more declines followed. Over the past day alone, Pi Coin’s value depreciated by 4.7%.
Along with its underwhelming price performance, Pi Network has faced significant criticism due to its inability to secure a listing on major exchanges like Binance or Coinbase. Concerns regarding its lack of recognition on price tracking platforms, token distribution, node centralization, and migration challenges further add to the growing list of issues.
Blum Co-Founder Vladimir Smerkis Arrested in Moscow
Another crypto-related incident this week involved the co-founder of the Telegram-based crypto project Blum. On May 18, the Zamoskvoretsky District Court in Moscow arrested Vladimir Smerkis, who previously managed Binance’s operations in Russia. Smerkis allegedly committed ‘large-scale fraud.’
“The Zamoskvoretsky District Court granted the investigator’s petition for the preventive measure of detention for Vladimir Smerkis, who was arrested in connection with a case of large-scale fraud (Article 159 of the Criminal Code of the Russian Federation),” local media reported.
In response to the arrest, Blum quickly distanced itself from Smerkis and his involvement in the project.
“We would like to inform our community that Vladimir Smerkis has stepped down from his role as CMO and is no longer involved in the development of the project or in any co-founder capacity,” Blum’s official statement read.
Fred Krueger Predicts Bitcoin Could Reach $600,000 by October 2025
This week in crypto, Bitcoin took center stage with its impressive rally. BeInCrypto was the first to report that Bitcoin reclaimed its all-time high of $108,900 after four months. However, the rally didn’t stop there, as the price continued to climb.
Yesterday, BTC peaked at a new record of $111,980, a high yet to be surpassed. Yet, analysts are increasingly optimistic about Bitcoin’s prospects moving forward.
Mathematician and analyst Fred Krueger predicted that Bitcoin’s price could surge to $600,000 by October 2025. His forecast hinges on a series of speculative developments that will begin on July 21, with BTC priced at $150,000.
“THE FINAL RUN: BITCOIN TO $600,000. Timeframe: 90 days — from Monday, July 21, 2025. Starting BTC: $150,000, Ending BTC: $600,000. Final Gold: $10,400. DXY: Collapses from 96 → 68. US 10Y Yield: Spikes to 9.2% before being “frozen” by the Fed. SPX: Collapses 50%,” Krueger stated.
The supposed catalysts for Bitcoin’s rise to $600,000 include a failed US Treasury auction, BRICS nations launching a Bitcoin-backed payment system, countries shifting reserves to Bitcoin, rising Treasury yields, a collapse in US real estate, tech companies adopting Bitcoin, and a potential restructuring of the US dollar at an October summit.
The bill, which aims to create a state-level Bitcoin Reserve, now only requires Governor Abbott’s signature to be finalized. Notably, as BeInCrypto pointed out, Governor Abbott is pro-crypto.
In fact, he posted an article about the Texas Strategic Bitcoin Reserve on his X account today, which signals a likely approval.
“It’s happening. Texas Governor, Greg Abbott, will sign Texas’ Bitcoin Reserve into law. One of the richest states will be buying Bitcoin. Get ready!!!” crypto commentator Kyle Chassé remarked.
With the Texas Senate session ending on June 2, Governor Abbott has until then to make a decision. If signed into law, Texas will become the second US state to establish its own Bitcoin Reserve, following New Hampshire.
