S&P Global downgrades Coinbase following its $1.1 billion net loss in Q2 2022 kitconews gold silver investing metals economics mining finance
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As a result of the recent struggles, Coinbase's long-term issuer credit rating was downgraded from BB+ to BB status on Thursday by rating agency S&P Global, which highlighted the company's weaker performance in Q2 as a deciding factor. Coinbase experienced a 30% quarter-on-quarter decline in trading volume despite only a 3% decrease in total cryptocurrency spot trading volume across all venues, further highlighting the exchanges' dwindling market share.
The reported $802.6 million in revenue was a 45.1% drop from the previous quarter and a 153.1% decrease YoY, while the main driver of its staggering net loss was $446 million in non-cash impairment charges caused by lower crypto asset prices in Q2.
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