History was made in the crypto and DeFi sphere with the arrival of Coinbase, the first crypto company, to the Fortune 500 list. However, the outlook is not encouraging for the company, according to a Fortune note, and you can see Coinbase’s profile in this breakdown.
We previously reported on Coinbase and its drop in revenue for Q1 2022 as well as mentioning that Coinbase turns 10 years old this month. They went public only in 2021 on the NYSE, reaching an all-time high of almost $430, and today the stock is trading at $75, bouncing from $40 two weeks ago, following the disappointing numbers in the financial report.
The massive San Francisco-based cryptocurrency exchange had a significant 2021 that propelled it to 437th place on Fortune’s list of largest US companies.
Coinbase made crypto history on the Fortune 500. Then disaster struck https://t.co/BuKGpTDsbV
— FORTUNE (@FortuneMagazine) May 25, 2022
Coinbase reported millionaire losses in the first quarter
Along with the entire crypto market, Coinbase’s earnings have taken a hit, mainly due to the huge drop in transaction volume and therefore trading fees, as reported in its latest Q1 2022 financial report.
Wall Street had forecasted a modest $43 million profit, but was shocked by a $430 million loss, which has hurt COIN’s share price, which fell 20% on the day of the earnings release.
However, the good rally of 2021 led Coinbase to exceed the minimum of $6.4 billion that companies need to be considered for Fortune 500, closing with $7.8 billion.
Congratulations on such a great achievement to Coinbase.