...May 16, 2025 TORONTO (S&P Global Ratings) May 16, 2025--S&P Global Ratings today said that Coinbase Global Inc. (##-/Stable/--) has sufficient flexibility to absorb the adverse impact of remediation and voluntary reimbursement expenses of up to $400 million (approximately 16% of reported 2024 net income) on its excess cash cushion following an attack by cyber criminals on May 15. As such, our issuer credit rating and outlook on the company remain unchanged. Coinbase's U.S. dollar resources (including cash and unrestricted USDC) were $9.9 billion as of March 31, 2025. Pro forma for the recently announced Deribit acquisition, expected to be funded with equity and cash, excess cash was approximately $5.0 billion as of the same date (versus gross debt of $4.3 billion). Coinbase also has a $1.3 billion crypto asset investment portfolio that could partly be tapped to generate liquidity. The social engineering attack involved hackers gaining access to some customer data of less than 1% of Coinbase...
