Cryptocurrency exchange platform Coinbase has joined the list of the Fortune 500 companies at number 437 with $7.8 billion in the 2021 revenue.
The ranking, which is based on the firms’ revenues, came despite the exchange’s ongoing struggle due to bearish cryptocurrency market conditions. Fortune 500 revenue threshold was increased by 19% to $6.4 billion.
Coinbase has faced low performance in the year, with the net revenue recorded at $1.16 billion and a net loss of $430 million in the first quarter. The firm’s net revenue in the fourth quarter was $2.49 billion.
Mizuho securities recently reduced its estimates for Coinbase’s full-year 2022 revenue to $5.6 billion from $6.7 billion, owing to a market-wide crypto rout that has seen most tokens drop.
Coinbase’s shares are currently trading at about $66 after dropping as low as $40 at the start of the month. The price compares to $328 at launch, equivalent to an 88% decline.
Source: Fortune 500