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.
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.