Coinbase Global Inc COIN has become the first cryptocurrency company to enter the Fortune 500 list.
What Happened: Coinbase was included in the 68th Fortune 500 list, which ranks the largest U.S.-based corporations by revenue each year.
The company was ranked 437th on the list in terms of total revenue, which stood at $7.8 billion in 2021. In terms of revenue growth over a one-year period, it ranked second overall on the Fortune 500 list with a growth rate of 514%.
Moderna Inc MRNA ranked first with a 2,200% growth in revenue. The pharmaceutical company recorded $18.4 billion in revenue for the last fiscal year.
“The real winners will be the companies that not only thrived under the freakish circumstances of COVID but can flourish once the world opens back up," commented Fortune Editor-in-Chief Alyson Shontell.
See Also: HOW DOES COINBASE MAKE MONEY?
A large part of Coinbase’s revenue comes from fees charged on trading cryptocurrencies like Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD on its platform.
In fact, the company’s stock price moves largely in tandem with the leading digital asset. Coinbase shares traded at an all-time high on two separate occasions in 2021 — May and November. In both of these instances, Bitcoin was also trading at an all-time high.
According to data from Benzinga Pro, Bitcoin is currently trading around $30,000 - 56% below its peak price. Coinbase is trading at $61.36, down 82% from its peak price of $381.
Earlier this month, Coinbase said that it plans to slow down hiring amid the crypto market turndown, but believes that its balance sheet puts it in a “strong position to face a bear market.”
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