Coinbase has become the first cryptocurrency company to break into the Fortune 500.
The popular exchange, which recently fell short of analyst expectations amid a downturn in crypto values, was pushed up to number 437 on Fortune’s famous list of the biggest companies in the United States.
Its current ranking is based on outstanding performances throughout 2021, and coincide with Bitcoin’s all-time high price and a general upturn in the values of digital assets.
The San Francisco-based exchange went public 12 months ago with a direct listing. Closing its first day of trading at $61 billion in valuation, it boasted the seventh-highest ever market cap on the first day of trading.