Coinbase, an American cryptocurrency exchange platform, has become the first crypto company to make the Fortune 500 list. Despite the fact that markets were in a bearish trend, the exchange platform was included in the Fortune 500 when revenues from 2021 were taken into account for the 2022 entries.
Coinbase Global, the largest cryptocurrency ecosystem in the United States, is currently ranked #437 in the Fortune 500, making it the first blockchain and Web3 company to do so.
Along with pharma heavyweight Moderna, Coinbase is one of the most successful newcomers to the Fortune 500 in 2022. The revenue criterion for the 2022 Fortune 500 list was $6.4 billion, up 19 percent from last year’s cap, according to Fortune Media. Coinbase’s revenue in 2021 was $7.8 billion, according to Fortune.
Coinbase has had a rocky start to 2022, with net revenue of $1.16 billion and a net loss of $430 million in the first quarter. For comparison, the company’s net revenue in the fourth quarter of last year was $2.49 billion. In the fiscal year 2021, the exchange reported a 1,024 percent increase in earnings and a 513 percent increase in sales compared to the same period in 2020.
During the market collapse, Coinbase’s price is nearing all-time lows of $66. Early this month, they fell below $40, down 88 percent from their peak of $328.
As a result of the current market instability, Emilie Choi, Coinbase’s president and chief operating officer, has announced that the company will halt recruiting. She went on to remark that Coinbase has weathered numerous market downturns and always emerged stronger.
According to the SEC’s Form 4 filing, Fred Ehrsam, co-founder of Coinbase Global, took advantage of the chance to increase his COIN holdings, purchasing over one million COIN stocks valued at over $75 million in the preceding week. The transaction was done through Ehrsam’s venture capital firm, Paradigm.