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.