Coinbase Now Enters The Fortune 500! It Is The First Crypto Company To Be On This Prestigious List!

Coinbase Now Enters The Fortune 500 List!

Coinbase, the largest cryptocurrency exchange, was ranked 437 on the Fortune 500, an annual list of America’s top firms by revenue.

Despite the crypto company’s present problems caused by bearish market circumstances, the move has been made. Fortune has rated firms based on their 2021 sales for its 2022 list.

Fortune Media stated on Monday that the revenue threshold for the 2022 Fortune 500 list was $6.4 billion, up 19 percent over last year’s limit. According to Fortune, Coinbase’s revenue in 2021 will be $7.8 billion.

Coinbase, on the other hand, has had a less than stellar start to the year, with net sales of $1.16 billion and a net loss of $430 million in the first quarter. Coinbase’s net revenue for the fourth quarter of last year was $2.49 billion, for reference.

Trading volumes have decreased across exchanges as crypto values have fallen in the last six months. According to a Barron’s article, Mizuho Securities has cut its revenue forecasts for Coinbase for the full year 2022 to $5.6 billion from $6.7 billion owing to a “crypto winter.”

Coinbase’s stock is nearing all-time lows at $66 amid the market downturn. They dropped below $40 early this month, down 88 percent from their high of $328.

Emilie Choi, the company’s president and chief operational officer, recently stated that the company might reduce recruiting due to the current market conditions.

“Heading into this year, we planned to triple the size of the company. Given current market conditions, we feel it’s prudent to slow hiring and reassess our headcount needs against our highest-priority business goals,” she said.

Coinbase is “in a strong position” and has a “solid balance sheet,” according to Choi. She went on to say that this crypto exchange has gone through multiple market downturns and has always come out stronger.

It will be fascinating to see whether Coinbase gets removed from Fortune’s 2023 list. Since 1955, Fortune magazine has published a list of the top revenue-generating firms. Walmart has been the number one retailer in the United States for the past 10 years.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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