Coinbase's trading volumes have weakened meaningfully in the aftermath of the collapse of cryptocurrency exchange FTX (unrated) and regulatory risk is rising, in our view. We expect profitability to remain pressured in 2023, despite the recently announced reduction in operating expenses and tailwinds from rising interest rates. We lowered our long-term issuer credit rating and senior unsecured debt ratings on Coinbase Global Inc. to 'BB-' from 'BB'. The negative outlook reflects continued uncertainties about the depth and duration of the crypto market downturn, insufficient visibility regarding trading volumes following the collapse of FTX, and heightened regulatory risk. On Jan. 11, 2023, S&P Global Ratings lowered the long-term issuer credit rating and senior unsecured debt ratings on Coinbase Global Inc. to
