Coinbase Credit Rating Upgraded to B1 by Moody's as Cash Pile Outweighs Debt

Coinbase has received a boost in its credit rating from Moody's Ratings, upgraded to B1 from B2. This upgrade reflects the company's significantly stronger balance sheet and a more stable crypto market.

The numbers behind this decision are clear: as of June 30, 2025, Coinbase held $9.3 billion in cash and other dollar-denominated resources against a total debt load of $4.4 billion. This puts the company's debt-to-trailing-twelve-months EBITDA ratio at 1.8x, the lowest reading since late 2021.

Moody's also pointed out ongoing risks, including revenue concentration and operational threats such as cyberattacks. These vulnerabilities remain a concern for any platform of this scale.