Coinbase Global Inc COIN is the first company to enter the Fortune 500 list.
What Happened: Coinbase is included in the 68th Fortune 500 list, which ranks the largest U.S.-based corporations by revenue each year.
The company was ranked 437th in the list in terms of total revenue, which stood at $7.8 billion in 2021. It came in second place in the Fortune 500 list in terms of revenue growth over a one-year period, with a growth rate of 514%.
Moderna Inc MRNA ranked first with a 2,200% growth in revenue. The pharmaceutical company recorded $18.4 billion in revenue for the last fiscal year.
The companies that thrived the most under the freakish circumstances of COVID but can flourish once the world opens back up, said Fortune Editor-in-Chief Alyson Shontell.
Fees charged on trading cryptocurrencies like Doge coin USD,BTCUSD, andBTCUSD are a large part of Coinbase's revenue.
The company's stock price moves largely in tandem with the leading digital asset. Coinbase shares traded at an all-time high on two separate occasions in 2021 - May and November. In both of these instances,Bitcoin was trading at an all-time high.
According to data from Benzinga Pro, it is currently trading around $30,000 -- 56% less than its peak price. The price of the coin is $61.36, down 82% from its peak price of $381.
Coinbase said earlier this month it plans to slow down hiring due to the market turndown, but it believes that its balance sheet puts it in a strong position to face a bear market.