S&P Global downgrades Coinbase credit rating for weak Q2 earnings, competitive...
Coinbase Global sees its credit rating downgraded by S&P Global amid regulatory pressures, weakened market performance and competitors. Major American cryptocurrency exchange Coinbase saw its long-term issuer credit rating downgraded from BB+ to BB status by rating agency S&P Global following its latest earnings report this year.The agency confirmed the downgrade in a note on Aug. 11, pointing toward Coinbase’s weaker performance in the second quarter of 2022 as a driving factor. Intensified competitive risk in the cryptocurrency exchange sector was also highlighted, with Coinbase losing....
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Coinbase, Three Arrows Capital and MicroStrategy headline the latest business news from the world of blockchain. Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock.This week’s Crypto Biz dissects Goldman Sachs’ latest downgrade of....
Analysts from the multinational investment bank and financial services company Goldman Sachs Group Inc. have downgraded Coinbase Global Inc. in a note to investors on Monday. Today, Coinbase shares are down 83.68% from the stock’s all-time high (ATH) in November 2021. Goldman analyst William Nance explained that his group of market strategists believes “Coinbase will need to make substantial reductions in its cost base.” Goldman Downgrades Coinbase, COIN Shares Down 83% From Price High Coinbase shares have suffered during the bear market as many crypto company stocks....
Moody’s said further downgrades could follow if Coinbase doesn’t diversify from its current revenue model or it's unable to turn a profit even in a prolonged bear market. Credit ratings agency Moody’s has downgraded the Corporate Family Rating (CFR) and guaranteed senior unsecured notes of crypto exchange Coinbase, and stated that both ratings have been placed under review for further downgrade.The CFR, a rating assigned to reflect Moody’s opinion of a company’s ability to honor its financial obligations, was downgraded from Ba2 to Ba3 which is considered as below non-investment....
Citigroup has downgraded the Nasdaq-listed, pro-bitcoin Microstrategy to a “sell” rating after the company announced that it would offer $400 million convertible senior notes to buy more bitcoin. Microstrategy currently holds about 40,824 bitcoins. Citi Analyst Uncomfortable With Microstrategy’s ‘Disproportionate Focus on Bitcoin’ While Citigroup has recently been bullish on bitcoin, Citi analyst Tyler Radke is not so convinced by Microstrategy’s announcement on Monday that it intends to offer $400 million of convertible senior notes and use the sale....
What these credit ratings do is determine the cost at which governments and enterprises can issue debt. A lower rating will have an impact on the UK economy over the coming years. The Brexit has a lot of side effects that will affect the financial situation of both the EU and the UK. Moody’s one of the leading credit rating institutions in the world, lowered the UK’s sovereign credit rating. This “negative” outlook is not something most Britons were looking for, but they will have to face the consequences of their voting. Although not everyone pays much attention to credit ratings these....