Amidst the complicated news about Coinbase’s huge financial problems, it was recently reported that the cryptocurrency giant Coinbase has become the first cryptocurrency company to make the Fortune 500 list.
The crypto giant firm bagged the 437th position in the prestigious list compiled and released by Fortune 500. This magazine annually releases the list of the top 500 firms by their generated revenue for every fiscal year. Thus, this makes Coinbase the first cryptocurrency company to have ever been enlisted as one of the 500 largest US companies in the Fortune 500. This magazine is notable for ranking top companies.
It was revealed by the Fortune 500 in its reviewed and updated list that Coinbase’s revenue is “$7,839 million (roughly Rs. 60,728 crore) and market value as of March was $41,670 (roughly Rs. 1,64,808 crore).” The cryptocurrency giant Coinbase got on the Fortune 500 list after its annual revenue went up by 513% and its profits went up by a very high 1024%.
According to Fortune 500, just before its direct listing, analysts were predicting that the company could debut with a $100 billion (roughly Rs. 7,74,805 crore) valuation. But it closed its first day of trading with a $61 billion (roughly Rs. 4,72,631 crore) valuation, just edging out DoorDash for the seventh-highest market cap among US companies after their first day of trading.
A beam of hope
This news raised the hopes of many in the cryptocurrency community, especially when it’s coming right in the middle of financial woes.
Many of them took to Twitter to express their excitement about the list. A tweet posted by @sumitkapoor16 stated that “Coinbase has joined the list of Fortune 500 companies for 2022: “The Crypto Industry is winning”
Recall that at the earlier time of this moment, the crypto giant was in the news when it recorded a 44% loss in its trading values.
Similarly, in Q1 of 2021, the crypto giant reported that its trading value generated about $309 billion (roughly Rs. 23,86, 484 core). This value is apparently lesser than the trading value of $547 billion that Coinbase recorded in Q4 of 2021.