Coinbase Global (NASDAQ:COIN) on Tuesday has become the first-ever cryptocurrency firm to join the Fortune 500 list of the largest U.S. firms by revenue, according to the 68th annual edition of Fortune 500 rankings.
The cryptocurrency exchange is ranked 437th on the list, with revenue of $7.84B in 2021. That compares with just $1.3B in 2020.
For some context, retailer Walmart (WMT) topped the list with $572.8B in revenue, followed by e-commerce giant Amazon (AMZN) with $469.8B in sales and Apple (AAPL) ($365.82B). The Fortune 500 companies account for two-thirds of U.S. gross domestic product (“GDP”) and generated a record $16.1T in revenue and $1.8T in profits, Fortune highlighted.
Note that Coinbase (COIN) primarily makes money via transaction fees from its crypto trading platform, in addition to maker and taker fees and interchange fees. Meanwhile, crypto markets, and digital assets markets more broadly, are facing selling pressure and increased regulatory scrutiny amid a slew of macro headwinds like rising interest rates and tighter financial conditions.
Shares of Coinbase (COIN -7.9%) are sliding to near its recent all-time low in afternoon trading, as bitcoin (BTC-USD -3.2%) dips to $29.3K.
SA’s Quant Rating warned investors that Coinbase (COIN) stock is at high risk of performing badly on the basis of negative EPS revisions and declining growth. Shares are off a whopping 73% Y/Y and -54% M/M.
On May 17, Coinbase said it’s slowing hiring.