Robinhood's S&P 500 index jump marks mainstream cryptocurrency

S&P Global announced Friday that Robinhood Markets Inc. will join the S&P 500 on September 22. The inclusion pushed its share price to rise by more than 15%, reaching an all-time high of $117.28, with a company market capitalization of more than $15 billion. Robinhood is diversified, covering cryptocurrency trading, retirement accounts and cash management, with revenue expected to reach $2 billion in 2023. The move will expand S&P 500's cryptocurrency exposure as Robinhood facilitates billions of dollars in cryptocurrency transactions with more than 12 million active users. Analysts point out that Robinhood's share price may fluctuate due to its beta coefficient of up to 2.36, but remains optimistic about long-term growth.