Coinbase is the first cryptocurrency company to be included in the Fortune 500 list. The rating ranks U.S. companies by their revenue for the past fiscal year.

The crypto exchange with a revenue of $ 7.84 billion was ranked 437th. Coinbase earned $3.62 billion (an annual growth of 1024%).

Jack Dorsey’s Bitcoin-friendly payments company Block (formerly Square) is in 208th place with $17.66 billion in annual revenue.

Retail giant Walmart topped the list with $572.7 billion in revenue and $13.7 billion in profit.

In the first quarter of 2022, Coinbase reported a net loss of $429.7 million, almost double what analysts expected.

Against a weak start to the year and the slump in the cryptocurrency market, the company began optimizing costs.

In early May, Mizuho Securities analysts lowered their 2022 revenue forecast for Coinbase from $6.7 billion to $5.6 billion, the current threshold for entering the Fortune 500 was $6.4 billion.

In April 2021, Coinbase was listed on the Nasdaq through a direct listing. On the first day, trading closed at $328.28 per share. At the time of writing, the company’s stock has a pre-market price of $65.44.

Recall that in April 2022, Coinbase shares more than doubled the depth of the decline in the price of bitcoin.