Coinbase enters Fortune 500 as first crypto company

Coinbase becomes the first cryptocurrency company to enter the Fortune 500 list. The ranking ranks American firms by revenue over the past fiscal year.

The crypto exchange, with revenue of $7.84 billion, ranked 437th. Coinbase posted a profit of $3.62 billion, up 1,024% year on year.

Bitcoin-friendly payment company Block (formerly Square) of Jack Dorsey ranked 208th with annual revenue of $17.66 billion.

The ranking was led by retail giant Walmart, which posted revenue of $572.7 billion and profit of $13.7 billion.

In the first quarter of 2022, Coinbase posted a net loss of $429.7 million. чистый убыток в $429,7 млн. The figure almost doubled analysts’ expectations.

Against the backdrop of a weak start to the year and a downturn in the cryptocurrency market, the company began to trim costs.

In early May, Mizuho Securities cut Coinbase’s revenue forecast for 2022 from $6.7 billion to $5.6 billion. The current Fortune 500 threshold stood at $6.4 billion.

In April 2021, Coinbase went public via a direct listing on Nasdaq. On the first day of trading, shares closed at $328.28. As of writing, the stock was trading at about $65.44 in premarket.

In April 2022, Coinbase stock fell more than twice as much as Bitcoin’s price did.