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Coinbase Becomes First Crypto Company in Fortune 500: Details

Tue, 05/24/2022 - 10:15
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Vladislav Sopov
Coinbase Global (NASDAQ: COIN) becomes one of the most successful newcomers to Fortune 500 in 2022
Coinbase Becomes First Crypto Company in Fortune 500: Details
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Published by legendary magazine Fortune since 1955, Fortune 500 is a rating of the largest United States corporations by total revenue. In 2022, it listed the first-ever company from the Web3 segment.

Coinbase Global listed by Fortune 500

According to the fresh 2022 edition of Fortune 500's ratings, the largest U.S.-based cryptocurrency ecosystem, Coinbase Global, is now ranked #437; this makes it the first blockchain and Web3 business to join this elite club.

Coinbase explodes onto Fortune 500
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Together with big pharma heavyweight Moderna, Coinbase is among the most successful newcomers to the Fortune 500 in 2022. As per the data shared in the last rating, Coinbase totals $7.8 billion in revenue and $3.6 billion in profit in 2021.

In fiscal year 2021, Coinbase logged a 1,024% increase in profits and 513% increase in revenue compared to 2020's indicators.

The top five of the list remains unchanged since 2021: Walmart, Amazon, Apple, CVS Health and United Health Group are the leaders of the 2022 ranking.

COIN price lost more than 50% in 30 days as tops "buy the dip"

This announcement comes amid the dramatic recession of the price of COIN stock. By May 24, 2022, it trades at $66.10, or more than 80% down from the all-time high.

Fred Ehrsam, co-founder of Coinbase Global, took this opportunity to puincrease his COIN holdings: in the last week, he obtained more than one million of COIN stocks worth over $75 million, as per SEC's Form 4 filling.

Mr. Ehrsam purchased these stocks through his venture capital firm, Paradigm.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (, Monoreto, Attic Lab etc.)