Moody’s affirms Coinbase B1 rating on strong liquidity and cash flow
The ratings agency believes Coinbase has enough liquidity and expense flexibility to withstand a sustained crypto downturn while maintaining its current credit profile.
Moody’s Ratings kept Coinbase’s corporate family rating at B1 with a stable outlook, citing the crypto exchange’s $8.6 billion liquidity cushion even as weaker trading revenue pushed leverage higher and contributed to a quarterly pretax loss.
Coinbase’s Moody’s-adjusted debt-to-EBITDA ratio climbed to 5.8 times as of June 30, up from 3.6 times at the end of 2025. Moody’s expects leverage to remain elevated for the rest of the year as the company stays exposed to volatility in crypto prices and trading activity.
Retail transaction fees, which represented 41% of Coinbase’s revenue over the trailing 12 months through June, have declined sharply since the end of 2025. That contributed to the company’s first Moody’s-adjusted quarterly pretax loss since mid-2023.
Still, Moody’s said Coinbase’s liquidity and expense flexibility provide a buffer against weaker market conditions. The company had $8.6 billion in cash and other US dollar resources against $6.1 billion of Moody’s-adjusted debt at the end of June.
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The rating agency also pointed to Coinbase’s growing diversification. Subscription and services revenue has benefited from stablecoin adoption and higher interest rates, while derivatives and prediction-market products launched over the past year have added potential sources of future growth.
Moody’s expects Coinbase’s financial results to remain dependent on crypto prices and trading volumes over the next 12 months. It said the company has demonstrated cost flexibility, including headcount reductions in the second quarter, and expects Coinbase to remain adjusted-EBITDA positive.