Coinbase has become the first cryptocurrency company to be featured on the Fortune 500, an annual list of the 500 largest United States corporations sorted by total revenue. The leading crypto exchange occupies the 437th spot on the list, thanks to a more than 500% year-over-year increase in revenue.
Key takeaways:
- Coinbase, as the sole publicly traded cryptocurrency exchange in the industry, has earned a spot on the list curated by Fortune magazine on the heels of $7.8 billion in revenue and $3.6 billion in profit in 2021.
- The company posted record-breaking revenue and net profit in Q4 2021, in large part due to last November’s skyrocketing prices of digital assets and retail investors’ interest in crypto being at an all-time high.
- Despite being relatively low on the list, Coinbase managed to surpass the yearly revenue of some of the largest and most well-known companies in the world, including Hasbro, Airbnb, and Nasdaq.
- If the Q1 2022 business results indicate what to expect in 2022, Coinbase’s business metrics will likely experience a significant retracement this year. The negative financial metrics early in the year led to a net loss of $430 million during the first quarter of 2022.
- The price of Coinbase stock is down over 50% in the past month and more than three quarters since the start of the year. The price of Coinbase shares seems to mimic the performance of the cryptocurrency market, with Bitcoin being down over 50% since its ATH and numerous altcoins trading 80% removed from their price peaks.
