Key facts:
Fortune ranks the 500 largest companies in the United States every year.
Never has a cryptocurrency company been in this top, until today.
Today the cryptocurrency industry celebrates a milestone in the business sector. For the first time in history, a Bitcoin market firm is part of the exclusive Fortune 500 list, where the main corporations of the United States are classified and presented. The recognition goes to nothing more and nothing less than one of the best-known exchanges in the US market, Coinbase Global.
occupying 437th on the list, Coinbase Global shares space with renowned firms such as Amazon, Walmart, Apple or Moderna. According to financial magazine records, the company specializing in crypto assets has a market value of $41.67 billion. Likewise, it is estimated that it generates annual revenues of almost 8 million dollars and its founders have net profits that exceed 3 million dollars.
In this way, manages to employ more than 7,000 people in the United States and other parts of the world, thus being one of the largest companies in the world of cryptocurrencies. With a trading volume that reaches 2 billion dollars in the last 24 hours, and more than 600 thousand reviews in your mobile application most downloaded, Coinbase stands as one of the heavyweights in the crypto asset exchange industry.
This unprecedented event occurs in the 68th edition of Fortune magazine, a top that has been affected by the current global panorama of financial markets and the tail blow that the COVID-19 pandemic left in the performance of companies for years. 2021-2022.
Despite the success, Coinbase has not had its best year
One detail to highlight about this recognition that Coinbase has received is that the data used by Fortune magazine is from the year 2021, one of the most prolific years the company has had. According to reports for that fiscal year, exchange profits increased more than 1,000% in this period, the same season when the cryptocurrency markets were at their best and Bitcoin reached its all-time high of over $60,000 per unit.
By 2022, the story may be different. With a cryptocurrency market in full bearish movement and with increasingly red numbers, companies related to the industry have been greatly affected by the crash. Coinbase is one of the firms that has seen as the current situation in the financial markets has had a negative effect on the value of its shares.
For example, by November 2021, when BTC was reaching its highest point, the company was trading its shares for more than 300 dollars per unit. This it was a trend which it maintained until the beginning of 2022, when its market price began to deteriorate until it was trading at just over 50 dollars. That is, a drop of more than 80% in its value.
Coinbase shares are currently trading on the Nasdaq market for $62 per share. A slight recovery of his fund that occurred just days ago. However, it is feared that if the risk asset market and cryptocurrencies continue to move downwards, the US exchange may not be as lucky as it was in 2021 and present a difficult year for its finances. .