Coinbase Global Inc (NASDAQ:COIN), a Nasdaq-listed company, has become the first cryptocurrency company to be listed on the Fortune 500 list.
Coinbase’s 2021 revenue of US$7.8bn helped rank the crypto brokerage to the 437th spot on Fortune’s annual list, whereas the cutoff for the list was US$6.4bn.
The top 500 companies on Fortune’s 68th edition generated aggregate revenue of US$16.1 trillion and US$1.8 trillion in profits.
The San Francisco-based firm, which went public in April 2021, is the first crypto company to ever make the Fortune 500 list, and though its inclusion does not impact Coinbase’s business, which reported a loss for the past quarter.
Another poor quarter could cause Coinbase to fall off the prestigious list this year, according to Fortune.
It has had a tough year in 2022 as crypto markets have fallen 43% since the year began, with around US$1 trillion leaving the market.
Over 85% of Coinbase’s revenue comes from its trading fees, which are among the highest in the industry, but the crypto slump has resulted in lower-than-expected revenues for the company, which is reflected in the stock price.
On Nasdaq, the stock was trading 7.17% down at US$61.36.
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