Coinbase Becomes a Fortune 500 Company
KEY POINTS
- With a recorded revenue of just over $7.8 billion in 2021, Coinbase becomes No. 437 on the list of Fortune 500 companies.
- Coinbase suffered during the bear market in the first quarter of 2022. At its current rate, it would not make this year’s list.
But how long will it stay on Fortune's list?
On June 6, 2023, the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase, stating that the company had facilitated the buying and selling of crypto securities. For additional information, check out our coverage here.
Perhaps one of the keys to making revenue strides during a COVID-19 year is being a decentralized, virtual company. Whatever the secret, Coinbase found a way to rake in over $7.8 billion last year, landing itself a place on the prestigious, Fortune 500 list. Although there were several noted "pandemic winners" pointed out by editor-in-chief Allison Chantel, it is the first cryptocurrency company to accomplish this feat.
It did so partially by riding the bull cycle of 2021, in which cryptocurrency the world over saw incredible gains. But also by becoming one of the most well-known exchanges, staying innovative with technology, and being user-friendly, Coinbase has become a go-to for new users to dabble in the crypto world.
Coinbase joins the ranks of major financial players
Although cryptocurrency, including Coinbase, has entered what looks to be a bear market in 2022, this is still positive news bringing a cryptocurrency company into the realm of the true giants. For reference, the top spots on this list are and have been held by Walmart ($572.8B in revenue), Amazon ($469.8B), and Apple ($365.82B). It is indeed exciting for crypto-enthusiasts to see Coinbase on this iconic list of household company names.
This year's projections
Will Coinbase be able to hold this treasured spot in 2022? So far, it does not look hopeful. The company reported a net revenue of $1.16 billion for the first quarter, falling short of analyst expectations. This was a 53% decline from the fourth quarter of 2021, where it recorded $2.5 billion. If the company maintains its first-quarter trend, it will not be enough to make it onto this year's list. Of course, the market can always change, and Coinbase with it, so this remains to be seen.
Coinbase is clearly popular, but it is only one of many cryptocurrency exchanges. If you want to see what else is out there, check out our list of the best cryptocurrency exchanges and apps here.
Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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