Coinbase Global has become the first crypto company to break into the Fortune 500.
Coinbase has entered the illustrious list at 437 despite reporting Q1 revenue at a loss.
Last year, Coinbase made $7.8 billion in revenue, which is above the minimum of $6.4 billion that firms need to be considered for the Fortune 500.
Coinbase, which went public in the United States in April 2021, closed its first trading day with a $61 billion valuation.
This enabled the firm to become the seventh-highest market cap among U.S. companies after their first trading day.
This year has not been so easy on Coinbase, as crypto markets have slumped 43% since the beginning of the year. This equates to a whopping $1 trillion leaving the space as another bear market cycle unfolds.
Coinbase missed analyst expectations for the first quarter. Its underwhelming net revenue of $1.16 billion resulted in a net loss of $430 million for January to March this year.
Coinbase revenue declined 53% from Q4, 2021 when most crypto assets hit their highest prices.
Fortune said that further falls in revenue could see Coinbase drop out of that prestigious list this year.
