S&P has downgraded Coinbase's stock rating to BB- from BB

Ratings agency Standard & Poor's has downgraded Coinbase's long-term credit rating and senior unsecured debt rating to BB- (a step below investment grade) from BB (indicating significant uncertainty about adverse business, financial and economic conditions) , and both ratings are considered junk bonds, citing weak profitability due to lower trading volumes and regulatory risks. Foresight News previously reported that Coinbase announced a restructuring plan, stating that it will lay off 950 employees, with an estimated total restructuring cost of $149 million to $163 million.