Famous cryptocurrency exchange Coinbasebecame the first crypto company to make it into the Fortune 500, the annual list of America’s largest companies by revenue. Coinbase’s 2021 revenue is $7.8 billion, according to Fortune Media’s statement on Monday. 2022 Fortune 500 The revenue threshold of the list is stated to be $6.4 billion, an increase of 19% from last year’s limit.
The news of Coinbase, which entered the list at #437, came despite the current struggles caused by bearish market conditions. Undoubtedly, the most important reason for this is that Fortune has ranked the companies in question according to their 2021 revenues for the 2022 list.
However, compared to last year, it has not been very positive for Coinbase so far. The company posted a net income of $1.16 billion and a net loss of $430 million for the first quarter. Whereas, net income in the fourth quarter of 2021 was announced as $2.49 billion.
Crypto prices have experienced serious declines in the last 6 months, while trading volumes between exchanges have also decreased. Mizuho Securities recently lowered Coinbase’s forecast for the full year 2022 from $6.7 billion to $5.6 billion.
Amid the market crash, Coinbase shares continue to trade near all-time lows at $66.
Emilie Choi, president and chief operating officer of Coinbase, recently announced that the company will slow down hiring in response to turbulent market conditions and said:
Going into this year, we planned to triple the size of the company. Given current market conditions, we consider it prudent to slow down hiring and reassess our headcount needs against our top priority business goals.
Despite this, Choi added that Coinbase is in a strong position, adding that it has a solid balance sheet.