- Coinbase (NASDAQ:COIN) joins the Fortune 500
- This makes it the first crypto company to do so
- It also did this in its first year of public trading
Coinbase (NASDAQ:COIN) stock is gaining momentum on Tuesday on news of the crypto exchange company joining the Fortune 500 list.
Let’s go over everything investors in COIN stock need to know about that news below!
- Coinbase is the first crypto company to join the Fortune 500.
- It took its place on the list with record revenue of $7.8 billion in 2021.
- That had it placing No. 437 on the list.
- Coinbase joined the Fortune 500 the first year it went public, which is quite the feat.
- This is likely due to the strong performance of COIN stock during the pandemic.
- Many investors sought out crypto as a safe haven during the pandemic and this brought more business to Coinbase.
- However, that doesn’t mean COIN stock is doing its best.
- A recent crypto crash rattled investors as the company’s shares sank.
- Adding to these worries is an ongoing bear market for crypto weighing on COIN stock.
- To give an idea of the damage, COIN shares were trading at $357 apiece in November.
- Now those same shares are only going for about $60 each.
- Another concern for investors in the crypto company is regulators.
- Crypto is still a fairly new market and talk of additional regulation on the asset could continue to weigh on the market.
- That means it might be some time before we see crypto, and COIN stock, return to their former glory, if at all.
COIN stock is down 9.2% as of Tuesday morning and is down 76% since the start of the year.
Investors searching for more stock market news today are in luck!
We’ve got all the hottest stock news that traders need to know about for Tuesday! That includes Snap (NYSE:SNAP) stock dropping, this morning’s pre-market stock movers, as well as an argument for Nio (NYSE:NIO) stock. You can read all of these topics at the links below!
More Stock Market News for Tuesday
- SNAP Stock Plunges 40% on Huge Profit Scare
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Morgan Stanley Says Hong Kong Index Listing Is Bullish for NIO Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.