Coinbase Becomes The First Crypto Firm In The Fortune 500 List

Coinbase, the leading US-based crypto exchange, has made history as the first crypto firm to enter the top Fortune 500 companies.

While the crypto market sentiment has been quite bearish, Coinbase has made it to the list of the Fortune top 500 firms. The crypto exchange recorded one of the largest yearly increases in profits and revenue compared to the past year.

The Fortune 500 list, which was launched in the 1950s, is an annually-published ranking of the biggest American corporations by total revenue for their respective fiscal years.

The Fortune magazine updated Fortune in its latest edition, showcased the first-ever entrance of a cryptocurrency company – Coinbase.

The exchange was ranked at number 437, with a 513% increase in the revenue year over year and an incredible 1,024% surge in profits.

Last year was very positive for Coinbase, as it made history in April becoming a publicly-listed company. Its COIN stocks started trading at $400 during the crypto market bull run.

A lot has changed since then, and the firm’s shares have lost over 80% of their value, closing yesterday’s trading day at $66. It will be interesting to see how the share price reacts to the inclusion in the Fortune 500 list once the market opens today.

In its Q1 2022 report, Coinbase also disclosed over $400 million in losses. It also has since paused some of its expansion plans, including new hirings, and come up with emergency solutions on how to tackle the crisis.