Coinbase earns most of its revenue from retail trading fees, and trading volume has dropped even more sharply in recent weeks. As a result, S&P expects the U.S.-based exchange’s profitability to “remain pressured” in 2023, saying the company could “post very small positive S&P Global adjusted EBITDA,” or earnings before interest, taxes, depreciation and amortization, this year.
Source: https://www.coindesk.com/business/2023/01/11/coinbase-junk-bonds-further-downgraded-by-sp-on-weak-profitability-regulatory-risks/?utm_medium=referral&utm_source=rss&utm_campaign=headlines