What happened

Shares of the large U.S. crypto exchange Coinbase (COIN -5.10%) are trading roughly 5.5% higher as of 10:57 a.m. ET today after the company recently joined the Fortune 500 list and as the broader crypto market rises.

So what

The price of Bitcoin traded about 2.7% higher over the last 24 hours, which boosted a good chunk of the crypto market.

Green squiggly line trending upward.

Image source: Getty Images.

Coinbase also became the first crypto company yesterday to join the Fortune 500 list, which is a list of the 500 largest companies in the U.S. ranked by revenue. Coinbase in fiscal year 2021 generated $7.8 billion of revenue to come in at number 437 on the list. Alyson Shontell, the editor-in-chief of Fortune, called Coinbase one of "several pandemic winners" and a company that "thrived under the freakish circumstances of COVID."

While joining the Fortune 500 list does not necessarily increase liquidity as joining an index would, it's still good exposure for the company.

It will be interesting to see if Coinbase makes this list again next year, however, because crypto trading volume surged in 2021 along with crypto prices. This year, the company has gotten off to a rocky start, with crypto trading volume and prices down significantly from last year. Analysts on average are expecting Coinbase to generate only $4.56 billion of revenue this year and close to $5.8 billion in 2023, making 2021 revenue look like an outlier.

Now what

While Coinbase may struggle in the near term until cryptocurrencies bounce back, I think that if you believe in long-term crypto adoption and that retail crypto trading is going to get more popular, then Coinbase is a good long-term investment.