Bulletin: Coinbase's Acquisition Of Crypto Derivatives Exchange Deribit Is Within Expectations For Leverage And Credit Neutral

TORONTO (S&P Global Ratings) May 9, 2025--S&P Global Ratings today said it believes Coinbase Global Inc.'s acquisition of global crypto derivatives exchange Deribit for approximately $2.9 billion will not materially erode the solid cushion of excess cash against debt, in line with our current ratings expectations. Our long-term issuer credit rating on Coinbase (BB-/Stable/--) will remain unchanged following the planned acquisition. The transaction will be funded with $700 million cash on hand and 11 million shares of Coinbase common stock and is expected to close by year-end 2025. Coinbase's gross debt was $4.2 billion as of March 31, 2025. However, Coinbase's U.S. dollar resources (including cash and unrestricted USDC) increased to $9.9 billion from $9.3 billion as of year-end 2024,

...May 9, 2025 TORONTO (S&P Global Ratings) May 9, 2025--S&P Global Ratings today said it believes Coinbase Global Inc.'s acquisition of global crypto derivatives exchange Deribit for approximately $2.9 billion will not materially erode the solid cushion of excess cash against debt, in line with our current ratings expectations. Our long-term issuer credit rating on Coinbase (##-/Stable/--) will remain unchanged following the planned acquisition. The transaction will be funded with $700 million cash on hand and 11 million shares of Coinbase common stock and is expected to close by year-end 2025. Coinbase's gross debt was $4.2 billion as of March 31, 2025. However, Coinbase's U.S. dollar resources (including cash and unrestricted USDC) increased to $9.9 billion from $9.3 billion as of year-end 2024, on strong cash flow. Pro forma the acquisition, the cushion of excess cash will decline only modestly to $5.0 billion from $5.7 billion as of March 31, 2025. Dubai-based Deribit is the world's largest...

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