Coinbase Becomes the First Crypto Company to Join the List of Fortune 500 Companies
Fortune Media stated on Monday that the revenue requirement for the 2022 Fortune 500 list was $6.4 billion, up 19 per cent over last year's limit. According to Fortune, Coinbase's revenue in 2021 will be $7.8 billion. Coinbase, on the other hand, has had a less than stellar start to the year, with net revenue of $1.16 billion and a net loss of $430 million in the first quarter. Coinbase's net income for the fourth quarter of last year was $2.49 billion.
Coinbase's stock is nearing all-time lows at $66 amid the market downturn. They dropped below $40 early this month, down 88 per cent from their high of $328. Emilie Choi, Coinbase's president and chief operating officer, recently stated that the company would reduce recruiting due to the current market turmoil.
"Heading into this year, we planned to triple the company's size. Given current market conditions, we feel it's prudent to slow hiring and reassess our headcount needs against our highest-priority business goals," she said.
Coinbase is "in a strong position" and has a "stable balance sheet," according to Choi. She went on to say that Coinbase has been through multiple market downturns and has always come out stronger. It will be fascinating to see if Coinbase is included on Fortune's 2023 list.