S&P Welcomes Crypto

PLUS: Solana leads DeFi flows, Dubai goes crypto-native, and Saylor bets $1.3B more on BTC.

Author

Cryptopolitan News
May 13, 2025 • Estimated Reading Time: 8 minutes

📬 Today’s Byte

• Coinbase joins the S&P 500

• Solana’s DeFi ecosystem adds $3 billion

• Dubai to accept Crypto for government payments

• Strategy adds another $1.3B in BTC

Coinbase joins the S&P 500 — and it’s not just a symbolic win

The move comes after Coinbase was tapped to replace Discover Financial Services, which is being acquired by Capital One. That reshuffle may sound procedural, but the implications for crypto couldn’t be louder: Wall Street’s most-followed index just gave Coinbase a seat at the table.

The result? Coinbase stock jumped 8% in after-hours trading, closing at $207.22 with a $53 billion market cap — enough to land on the radar of every fund manager tracking the index.

Why this moment matters:

  • It’s not just a headline — it means institutional funds are now required to hold COIN

  • Coinbase qualified by turning a profit: $65.6M in net income this quarter

  • Revenue is up 24% YoY, hitting $2.03B as ETFs and institutional activity fuel growth

  • Follows other tech-heavy additions like Palantir, Dell, and Super Micro Computer

But more than numbers, it’s about the optics. This inclusion means crypto’s most public-facing company is now part of the default financial conversation — whether Wall Street likes it or not.

It also came on a day the broader market ripped. The S&P 500 soared 3.3%, breaking past a key resistance level. Tech stocks like Apple, Tesla, Nvidia, and Amazon gained between 5–8%, and even the Nasdaq is now within 1% of turning green on the year.

The takeaway: Coinbase isn’t asking to be taken seriously anymore. With index fund capital flowing in, it’s already there. Crypto’s influence just went from niche to native — and Wall Street will have to adjust.

📊 Market Watch

Solana’s DeFi ecosystem just added $3 billion in value in one month — and it’s being fueled by two of crypto’s favorite things: memes and leverage.

Solana’s total value locked (TVL) jumped 50% over the past 30 days, hitting $9.44B — its highest level since February. It’s not just because SOL is up. It’s because users are diving back into lending protocols, DEXs, and meme tokens — hard.

What’s driving the action:

  • JitoSOL TVL up 41%, Kamino Lend up 33% — both near record highs

  • Meme coins like WIF, BONK, and POPCAT are now being used as DeFi collateral

  • Solana-based DEXs are printing fees, with Jupiter and Pump.fun leading

  • Even with $1.6B in burned USDC, rising token value is keeping TVL soaring

  • The chain generated $2.9B in fees over the past year — more than any other L1

In short: users are borrowing against meme tokens, chasing upside, and pouring into fast-moving pools. It’s peak degen energy — but this time, it’s driving real ecosystem growth.

The takeaway: It’s not just about inflows — it’s about usage, and Solana’s leading the charge right now.

📜 Regulation Watch: 

Dubai just took another step toward becoming the most crypto-integrated government in the world. While most governments are still figuring out crypto policy, Dubai is already letting you pay your parking tickets with it.

The city’s Department of Finance has partnered with Crypto.com to enable crypto payments for government services. This means you’ll soon be able to use your digital wallet to pay for official services — with Crypto.com converting the payment into AED in real time.

Why this is a big deal:

  • First major city to accept crypto for government transactions

  • Part of Dubai’s Cashless Strategy to build a fully digital economy

  • Reinforces its position as a global hub for Web3 and financial innovation

It’s not just government services. Crypto.com has also partnered with Emarat gas stations to roll out crypto payments at the pump — and it’s already live in select locations.

The takeaway: Dubai isn’t talking about adoption — it’s doing it. Crypto is becoming part of everyday life, from your taxes to your tank.

🏦 Bitcoin Treasury Watch: 

Michael Saylor’s Strategy just bought 13,390 more BTC for $1.34B, bringing its total holdings to 568,840 BTC — now worth over $59.2B.

The average purchase price this time? $99,856 per coin.

Despite critics calling out the rising cost basis, Strategy’s conviction is clear — its April buys are already showing double-digit gains.

Market-moving headlines 🔥

Decentralized finance protocol Curve Finance has once again been breached, marking the second cyber attack this month.

According to Curve Finance, hackers hijacked its domain name system (DNS), sending users to a malicious website.

Retail cryptocurrency investors in South Korea are embracing high-volatility tokens, with XRP and Dogecoin (DOGE) outpacing Bitcoin (BTC) and Ether (ETH) in trading volumes over the past 24 hours. 

Chinese officials, state media, and influencers on Monday called the trade deal with the United States a clear win for China and proof that a firm public stand works.

Solana co-founder Anatoly Yakovenko has proposed the concept of a Meta blockchain for the company. He argues that the meta blockchain will post data on any chain, such as Ethereum, Celestia, or Solana, and use a specific rule to merge data from all the chains into a single order history.

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