On May 24, Coinbase Global, which does not have a physical headquarters, is currently on the list of the new 2022 Fortune 500 rankings. The biggest cryptocurrency ecosystem in the United States is now rated #437, making it the first blockchain and Web3 company to reach this exclusive club.
Coinbase, along with huge pharma heavyweight Moderna, is one of the most successful newcomers to the Fortune 500 in 2022. According to the data presented in the previous rating, Coinbase will make $7.8 billion in revenue and $3.6 billion in profit in 2021.
In fiscal year 2021, Coinbase reported a 1,024% rise in earnings and a 513% gain in revenue over the same period in 2020. Walmart, Amazon, Apple, CVS Health, and United Health Group lead the 2022 ranking, which has been unchanged from 2021.
After the official announcement of this news, there was a sharp fall in the prices of COIN shares. At the time of writing, the price of a COIN share is trading at $60.28, which is more than 80% less than its all-time high.
According to the SEC’s Form 4 filing, Fred Ehrsam, co-founder of Coinbase Global, took advantage of the chance to boost his COIN holdings: in the previous week, he acquired more than one million COIN equities worth more than $75 million. Mr. Ehrsam purchased these shares via Paradigm, his venture capital company.
