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A major US stock index is about to welcome its first crypto-focused exchange next week. Coinbase will officially join the S&P 500 ahead of trading on May 19. The move comes more than three years after its direct listing on Nasdaq, and it cements the firm’s status among large-cap names.

Confirmation Of S&P 500 Inclusion

According to S&P Dow Jones Indices, Coinbase is set to replace Discover Financial Services in the benchmark before markets open on Monday. This follows the company meeting strict rules—positive earnings in the most recent quarter and across the prior four quarters. It’s no small feat for a business whose fortunes have swung wildly with crypto prices.

Source: S&P Dow Jones Indices

Earnings And Revenue Trends

Based on reports, Coinbase posted revenue of $7.4 billion in 2021 but then swung to a loss of $1.1 billion in Q2 2022. In Q1 2025, revenue reached $2 billion, up 24% from the same period last year, although it fell about 10% from Q4 2024. Net income, however, plunged 94% to $66 m after the firm marked its crypto holdings to market. Those numbers underline how tied Coinbase remains to Bitcoin, Ether and other tokens.

Coinbase just became the first and only crypto company to join the S&P 500.

This milestone represents what the true believers, from retail investors to institutional investors to our employees and partners, knew all along.

Crypto is here to stay. https://t.co/MnMRCX8pMg

— Brian Armstrong (@brian_armstrong) May 12, 2025

Market Reaction And Stock Performance

Investors have so far given the company a vote of confidence. Shares jumped more than 10% in extended trading on Monday, as index funds tracking the S&P 500 gear up to add Coinbase to their portfolios. Over the past two years, the stock has climbed roughly 250%, even though it’s down nearly 17% so far this year while Bitcoin has climbed close to 10%.

Strategic Expansion And Industry Impact

Based on reports, Coinbase plans to acquire Deribit for $2.9 billion, in one of the largest deals in crypto history. The purchase would bring options trading into its suite of products and boost revenue potential. At the same time, it adds integration risks and debt service that investors will be watching closely.

Outlook For Crypto And Regulation

According to analysts, the inclusion signals growing acceptance of digital assets by traditional finance. Under the current administration, regulators have taken a more permissive stance toward crypto firms. Rival exchanges such as Gemini and Kraken are already eyeing their own public listings. However, volatility in token prices could still send Coinbase’s earnings swinging, which in turn could affect its standing in the S&P 500.

This milestone marks a turning point for Coinbase and the broader crypto sector. As indexing funds flow into the stock, the exchange will gain more visibility among mainstream investors. Yet the business faces a tightrope walk: balancing growth through big deals like Deribit while managing risks tied to crypto’s famous price swings.

Featured image from StartupNews.fyi, chart from TradingView

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Brown University is now a Bitcoin (BTC) investor.

The Ivy League institution holds 105,000 shares of BlackRock’s iShares Bitcoin exchange-traded fund (IBIT), per a recent filing submitted to the U.S. Securities and Exchange Commission (SEC).

The filing valued the shares at $4.915 million, though with IBIT priced at $55.19 per share at time of writing, that total is now worth $5.79 million.

Brown’s investment follows two other notable examples of higher educational institutions buying BTC.

Emory University, a private research institution in Atlanta, holds 2,678,906 shares of the Grayscale Bitcoin Mini Trust ETF, per a filing submitted to the SEC last year.

The school also bought 4,312 shares of the crypto exchange Coinbase’s stock.

And the University of Austin (UATX), which enrolled its first cohort last fall, announced plans last year to invest in a $5 million long-term endowment fund held in Bitcoin.

Chad Thevenot, UATX’s senior vice president for advancement, says the university views investing in crypto assets the same way it sees investing in other asset classes.

“We think there is long-term value there, just the same way that we might think there is long-term value in stocks or real estate.”

Bitcoin is trading at $96,723 at time of writing and is up more than 2% in the past seven days.

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Rumble Kong League is migrating from Avalanche to Ronin, and there’s a lot to unpack about why this matters. If you’re new to Web3 or just curious about how NFTs, tokens, and sidechains work, don’t worry—you’ll find everything explained in simple terms here. You’ll also learn how to take advantage of the extended airdrop campaign and why big names like Stephen Curry and Paul George are involved. Let’s dive in.

Rumble Kong League in a Nutshell

Rumble Kong League (RKL) is a free-to-play basketball game that lets you form a three-person team and go head-to-head against other players online. It’s fast, it’s fun, and it mixes the competitive spirit of sports with the innovative technology of the blockchain world. The game was originally planned to launch on Avalanche, but now the team behind RKL has chosen Ronin as their new home. This is a significant switch because it opens up opportunities for more players, higher stability, and bigger rewards.

Why Ronin Is a Big Deal

Ronin is a special type of blockchain called a sidechain. Think of a sidechain as a road that runs parallel to a major highway (in this case, the Ethereum blockchain), allowing traffic to flow without the usual congestion. Transactions on Ronin are often faster and cheaper, making it very appealing for games with lots of daily users.

To help you understand why RKL picked Ronin, here are some impressive numbers that Ronin brings to the table:

• 17.2 million wallet downloads (that means a lot of potential new players).

• Over 18 million people hold RON, which is the chain’s native currency.

• Ronin has been battle-tested by popular games like Axie Infinity, so it has a proven track record in Web3 gaming.

Soft Launch Extension and Doubled Rewards

The RKL team has extended their current “soft launch” until January 26. A soft launch is like a test phase where a select group of players can get in early, try the game, and earn special rewards. During this extension, you can play and accumulate something called $FAME points. These points will eventually convert into real blockchain tokens when the game’s Token Generation Event (TGE) happens at the end of January or early February.

Originally, the soft launch was supposed to end in mid-January, but RKL decided to push it back one more week. Here’s why that’s great news: • You get more time to climb the ranks in the game’s top league, known as the Sigma League.

• You can earn $FAME points in every match, which means a bigger haul before the tokens officially launch.

• The prize pool for top players has been doubled, so you can potentially walk away with a lot more $FAME than before.

How $FAME Rewards Work

RKL has split its ladder system into seasons. Each season lasts just a few days, and then the ladder resets. If you perform well, you earn more $FAME points, which are basically placeholders for the game’s soon-to-be-minted tokens. Here’s a simplified breakdown of the doubled rewards in the Sigma League (the highest league):

• 1st place: 100,000 $FAME points

• 2nd and 3rd place: 40,000 $FAME points

• 4th to 10th: 16,000 $FAME points

• 11th to 30th: 8,000 $FAME points

• 31st to 100th: 2,000 $FAME points

• 101st to 1,000th: 200 $FAME points (doubled from 100)

Even if you’re not a top-tier player, you can still earn plenty of points through normal gameplay. There’s also another neat perk: if you own a Kong NFT, you get unlimited tickets to play in the higher leagues. That means you can grind your way to more rewards.

One of the coolest parts about joining Ronin is that RKL can now host exclusive “Ronin-only” quests, which pop up in your quest log once you connect a Ronin Wallet to your account. Setting up a Ronin Wallet is easy. After you’ve created it, open your Rumble Kong League profile in the game, tap “Manage Profile,” and follow the steps to link your wallet. Alternatively, you can go to the official RKL website on a computer, log in, and connect your wallet through your account settings.

Whenever you see the term “wallet,” think of it like a digital account that holds your coins, tokens, or NFTs. The Ronin Wallet is simply one that works specifically with the Ronin blockchain. By hooking it up to your Rumble Kong League account, you unlock special quests that give you even more $FAME points. More points could mean a larger allocation of tokens once the TGE happens.

Stephen Curry, Paul George, and Other Big Names

Rumble Kong League has major backing from well-known brands and sports figures. NBA superstar Stephen Curry, through Penny Jar Capital, is one of the key investors. He’s also launched unique digital sneakers for the game. The game has even snagged partnerships with Gatorade, Stance, and other sports brands you might recognize from the real world.

Another big supporter is Animoca Brands. They’ve backed several high-profile Web3 projects, so their involvement gives RKL extra credibility. In other words, Rumble Kong League isn’t some tiny indie project—it’s a full-fledged blockchain sports game with serious industry power behind it.

What This Means for Avalanche

Initially, Rumble Kong League had plans to launch on the Avalanche blockchain. Avalanche is another network that offers fast transactions and low fees, so it was a decent option. However, the RKL team felt that Ronin, with its huge existing user base and track record in gaming, would provide a better long-term home. This doesn’t necessarily mean Avalanche won’t see any part of RKL in the future, but for now, the official path forward is on Ronin.

What Is Operation Leviosa?

Sky Mavis, the company behind Ronin, is working on something called “Operation Leviosa.” The fancy name essentially means they’re opening Ronin up to more games, decentralized apps (often called dApps), and finance tools. Instead of being a closed ecosystem controlled only by Sky Mavis, Ronin is turning permissionless in February. “Permissionless” means anyone can build on it without needing special approval. This shift could lead to more games like RKL joining the platform, bringing in new audiences and more ways to use your tokens.

How to Start Playing

Getting started is easy and free. Just head to the iOS App Store or Google Play Store and download Rumble Kong League. After you create an account, hop into a match, practice your moves, and start earning $FAME points. If you want to connect a wallet, you can do so at any time, but make sure you do it before January 26 if you want to take full advantage of the extended soft launch rewards.

As you play, you’ll notice the game has different leagues. You begin at a lower level, and by winning matches, you climb up to the Sigma League. Once you’re in Sigma League, the rewards increase dramatically. That’s why players are rushing to make it into the top tier before the current season ends.

When Will the $FAME Tokens Be Tradable?

The points you earn in-game will eventually convert into real blockchain tokens after the Token Generation Event, which the RKL team says should happen by late January or early February. A Token Generation Event, or TGE, is when a project officially launches its token on the blockchain. After that, players might be able to trade their $FAME tokens or use them in various in-game or external markets. Keep an eye on official RKL announcements so you’ll know exactly when this happens and how to swap your points.

Why This Migration Matters for Web3 Gaming

Web3 gaming is still new to a lot of people. By making a high-quality game like Rumble Kong League free to play and easy to access, it’s paving the way for the next generation of online games. Blockchain elements let you truly own your in-game items (like NFTs) and potentially profit from them. Moving to Ronin, a chain well-known in the community for stability and large user numbers, is a statement that the RKL team is looking to build a long-lasting ecosystem.

The extended soft launch, doubled rewards, and exclusive quests are all ways to bring in more players and reward early adopters. It also shows that RKL is listening to its community, because they’ve clearly taken the feedback to heart by extending their campaign.

Final Thoughts

Rumble Kong League’s migration to Ronin marks a turning point in blockchain sports gaming. The game is backed by some of the biggest names in basketball and powered by Animoca Brands, one of the leading forces in crypto gaming. By extending the soft launch, RKL is giving new and existing players a chance to earn more $FAME points. With Ronin’s large player base and smooth gameplay, it’s a great time to get in, grab some rebounds and start building your team.

If you’ve been hesitating about trying a blockchain game, now’s a great opportunity. RKL offers fast matches, clear progression, and real ownership of digital assets. Just download the app, connect your Ronin Wallet if you want extra perks, and get ready to see how fun Web3 can be. You might even end up with a nice bundle of $FAME tokens once they officially launch.

Remember, the final date for this soft launch is January 26, so don’t miss out on the extra seasons and double rewards. Lace up your virtual sneakers and head to the court—you never know how far you’ll climb.

Editor’s note: This article was written with the assistance of AI. Edited and fact-checked by Owen Skelton.