Coinbase's operating performance has improved, largely owing to strong operational discipline, expansion efforts, and favorable crypto market conditions. We remain mindful of the company's unresolved regulatory issues and collateralized but growing credit risk exposure. We revised our outlook to stable from negative and affirmed our 'BB-' long-term issuer credit and senior unsecured debt ratings on Coinbase. The stable outlook reflects our expectation that Coinbase will maintain strong liquidity and navigate the regulatory landscape without significant penalties or business interruption. On May 31, 2024, S&P Global Ratings revised the rating outlook on Coinbase Global Inc. to stable from negative and affirmed the 'BB-' issuer credit and senior unsecured debt ratings. Following the strong rebound in the crypto market during the first
