Coinbase became the first crypto company to enter the Fortune 500 list.
Coinbase, an American company operating a cryptocurrency exchange platform, will now go down in history as the first crypto company to enter the Fortune 500 list (an annual list of America’s largest corporations by revenue) for 2022.
Coinbase managed to get to the 437th place in the list. The company was able to get on the list despite the crypto winter and problems with stablecoins (including gyen). The fact is that Fortune forms a list for the year, focusing on the profitability of last year, and last year Coinbase was doing great — the company was able to earn $7.8 billion revenue (according to Fortune). This is slightly more than the entry threshold to the list ($6.4 billion).
But, this year, the company hasn’t performed well compared to the previous year. In the first quarter of 2022, the company managed to earn $1.17 billion, which is 35% less than revenue for the same period in 2021 ($1.8 billion), and 53.2% less than revenue for the fourth quarter of 2021 ($2.5 billion).
Most likely, the drop in revenue is due to the situation in the market as a whole. But despite this, Coinbase still managed to make history as the first crypto company to get into the Fortune 500. Now we are all going through a very cool crypto winter, but spring always follows. Therefore, I am sure that we will see more than one crypto company in the new Fortune 500 lists. We continue to observe.