Good news in the crypto space has been hard to come by lately, but Coinbase entering the Fortune 500 should provide some sunshine in a rather gloomy time.
Posting $7.8 billion in revenues in 2021, Coinbase (COIN) has become the first crypto entity to be included in the prestigious list, placing 437th. 2022 has been a hard year for the firm, but Coinbase’s president and chief operation officer Emilie Choi noted that Coinbase has survived multiple market downturns and has always come out stronger.
Co-founder Fred Ehrsam used the rocky market situation to scoop up additional COIN holdings through his venture capital business, Paradigm, amounting to $75 million in equities. Coinbase is also one of the top five holdings in the VanEck Digital Transformation ETF (DAPP). DAPP is focused primarily on the infrastructure of the cryptospace, the companies that will be innovating and iterating on technology that is certain to play a role in structure of tomorrow. This includes companies like Block Inc (SQ), Silvergate Capital (SI), and MicroStrategy (MSTR).
Reasons for Further Optimism
Some key experts don’t see crypto’s current bear market as a death knell. Paul Veradittakit, partner at Pantera capital, recently told Bloomberg that, “Compared to 2018, there are more institutional investors with exposure to crypto and most see this as a buying opportunity.”
Meanwhile, Michael Saylor told Yahoo Finance, “There’s no price target. I expect we’ll be buying Bitcoin at the local top forever. And I expect Bitcoin is going to go into the millions. So we’re very patient. We think it’s the future of money.”
Volatility in the market is very present against the backdrop of supply chain issues, ongoing geopolitical conflict, and rising inflation. Breakthrough technologies are always going to be swingy in unusual market situations. As the crypto market shakes off the knock off effects of Luna’s collapse and begins to recover, Coinbase is likely go down as the only crypto focused company to crack the Fortune 500.
For more news, information, and strategy, visit the Crypto Channel.