Buy Everything! Crypto Gets A Massive Boost! $9 Billion Into Coinbase?

**Scott Melker** (0:01)
Arthur Hayes says that it's time to quote unquote buy everything crypto, and otherwise, we're gonna see if the gentlemen on the panel today agree with that sentiment. And of course, Coinbase will be joining the S&P 500 next week. Some say that could lead to nine billion in passive flows. Absolutely huge news for our industry. It's time to get the show going. We've got Matt Hougan today alongside myself, Andrew and Tillman. Let's go. What is up, everybody? I am Scott Melker, also known as The Wolf Of All Streets. Before we get started, please subscribe to the channel and hit that like button. And good morning to Matt, Tillman and Andrew. How are you gentlemen doing today?

**Andrew Parish** (0:59)
Fantastic.

**Tillman Holloway** (1:00)
It's been a really good day. Can't beat it. Bitcoin's up and we're cruising.

**Scott Melker** (1:04)
No, Bitcoin's dead. It went to 106 and it went back to like 101 It's bare market.

**Matt Hougan** (1:10)
Hard to keep up, Scott. Hard to keep up.

**Scott Melker** (1:14)
My entire feed yesterday was, now we'll be able to buy Bitcoin in the 80s again. We just got here, man.
I guess anything is possible. Why not? But still, it's like the sentiment spasms on X are absolutely insane. You can tell how many people are not exposed to Bitcoin, who still kind of feel like they want to be. I mean, I think that's been the moral of the story for me. Engaging sentiment is that there's still a lot of people who thought they were going to buy in the 60s or just below 74 And now they're thinking, am I going to get a chance to buy in the 90s again?

**Andrew Parish** (1:52)
Coinbase in the S&P means everybody's going to be exposed to Bitcoin, whether they like it or not. That's a big, big, big deal.
And so passive investors associated with ETFs and the like, the vanguards of the world and others are going to have some small connection to Bitcoin based on the fact that Coinbase is going to be in the S&P 500 By the way, that wasn't telegraphed. You know, nobody was really talking about that. And then, boom, it just happened. So that is a really, really big deal, really big deal.

**Scott Melker** (2:28)
Matt, is this much bigger than MicroStrategy making it into the NASDAQ 100?

**Matt Hougan** (2:32)
No, it's way bigger. It's not even a comparison. I mean, the NASDAQ is something that we talk about, but the S&P is what everyone benchmarks to. There's $16 trillion benchmark to the S&P. That's why you see this $9 million, even though it's only going to enter at a weight of 0.1%.
But it is a big deal. It means literally every American and every American institution will have exposure to the largest crypto exchange. That's a meaningful thing. I'm at a TradFi conference today, and I trialed this as a talking point. It mattered to people. It seemed to suggest to people that this industry has grown up. This is another major milestone. I do think it's a pretty big deal.

**Scott Melker** (3:17)
I think it's an absolutely massive deal, and regardless of the passive flows, like you said, this is a final stamp of approval.
Because it was a big deal even that we had at crypto companies that were listed. Forget even S&P 500 The fact that they were even able to get on the stock market, people forget years ago, was a huge deal.

**Matt Hougan** (3:36)
That's exactly right. It's also worth noting for people who aren't familiar that the S&P 500 doesn't just own the 500 largest stocks. There are various screens, there's a committee that decides, there's a process, they want to see companies that are stable, that aren't going anywhere. So it's more meaningful than just a mechanical addition to an index.

**Scott Melker** (3:57)
Yeah, I mean, Tillman, what do you think of this? And is it fair to say that this is exposure to Bitcoin? Or is it more fair to say that exposure to the industry? Because Coinbase actually kind of made news of late saying they had considered adding a lot more Bitcoin to their balance sheet and didn't.

**Tillman Holloway** (4:12)
Well, I think that's part of the interesting development here is Coinbase is not just a Bitcoin centric entity, right? I mean, they're launching mean coins and all sorts of stuff. So what this really is, is a final stamp of approval that crypto is here to stay and, you know, kind of let the games begin. I think that the moral of the story is that we won the war. The war is over. This in my opinion is, you know, the final boss, if you will, of the game. You know, getting into the S&P 500 is, you know, that's the end game for us.