According to The Block, cryptocurrency exchange Coinbase announced on Tuesday (12th) its plan to sell $1 billion in convertible senior notes to institutional investors, taking advantage of the surge in cryptocurrency and its stock price nearing a 26-month high. This move aims to raise funds for debt repayment and company operating costs. The notes will mature in 2030, and after selling the notes, Coinbase’s debt may increase by $1 billion, bringing its total debt to $4 billion. After the maturity of these notes, they can be converted into Coinbase Class A shares, cash, or a combination of both. Coinbase also plans to grant the initial buyers a 30-day option to purchase an additional $150 million worth of notes.
