Despite the recent uncertainty and unfavorable market sentiment, Coinbase has climbed into the list of the Fortune top 500 firms. The exchange registered one of the most significant yearly increases in profits and revenue compared to the previous year.
- Started in the 1950s, the Fortune 500 list is an annually-published ranking of the largest US corporations by total revenue for their respective fiscal years.
- The latest edition, updated by Fortune magazine today, showcased the first-ever entrance of a cryptocurrency-focused company – Coinbase.
- The exchange ranked 437, with a 513% increase in the revenue year over year and a mind-blowing 1,024% surge in profits.
- Last year was highly positive for the largest US crypto exchange, as it made history in April when it became a publicly-traded company. Its COIN stocks started trading at $400 amid the ongoing bull run.
- However, the tides have changed since then, and the firm’s shares have shed more than 80% of their value, closing yesterday’s trading day at $66. It will be interesting to follow how they will react to the inclusion in the Fortune 500 list once the market opens today.
- Coinbase also reported a negative Q1 2022 with losses exceeding $400 million. As such, it had to pause some of its expansion plans, such as hirings, and come up with emergency solutions on how to tackle the crisis.