Coinbase enters Fortune 500 list despite Bearish Market; Details

Paigambar Mohan Raj
Source: Protocol

American crypto exchange platform, Coinbase, has become the first crypto entity to enter the Fortune 500 list. Despite markets being in a bearing trend, the exchange platform made the Fortune 500 as revenues from 2021 were considered for the 2022 entries.

Coinbase Global, the biggest U.S.-based cryptocurrency ecosystem, is now placed #437 in the latest Fortune 500 rankings, making it the first blockchain and Web3 company to reach this exclusive club.

Coinbase is one of the most successful additions to the Fortune 500 in 2022, alongside huge pharma heavyweight Moderna.

Fortune Media stated on Monday that the revenue requirement for the 2022 Fortune 500 list was $6.4 billion, up 19% over last year’s limit. According to Fortune, Coinbase’s revenue in 2021 was $7.8 billion.

2022 has not been off to a great start for Coinbase, with net revenue of $1.16 billion and a net loss of $430 million for the first quarter of 2022. The company’s net revenue for the fourth quarter of last year was $2.49 billion, for reference. The exchange saw a 1,024% gain in earnings and a 513% increase in sales in the fiscal year 2021 compared to the same period in 2020.

Source: The Block

Coinbase’s stock is nearing all-time lows at $66 amid the market downturn. They dropped below $40 early this month, down 88 percent from their high of $328.

Emilie Choi, Coinbase’s president and chief operational officer, has stated that the business will reduce recruiting as a result of the current market turmoil. She went on to say that Coinbase has gone through multiple market downturns and has always come out stronger.

According to the SEC’s Form 4 filing, Fred Ehrsam, co-founder of Coinbase Global, used this opportunity to boost his COIN holdings: in the previous week, he purchased over one million COIN equities worth over $75 million. Ehrsam made the purchase via his venture capital business, Paradigm.