Coinbase To Raise $1,000,000,000 in Convertible Bonds From Institutional Buyers As COIN Rallies 81% in a Month

Coinbase To Raise $1,000,000,000 in Convertible Bonds From Institutional Buyers As COIN Rallies 81% in a Month

Spread the love

Top US-based crypto exchange platform Coinbase says it will be raising $1 billion worth of convertible bonds from institutions.

In a new press release, Coinbase announced today its intention to privately offer $1 billion worth of convertible notes due in 2030  to “persons reasonably believed to be qualified institutional buyers.”

“The notes will be senior, unsecured obligations of Coinbase, will accrue interest payable semi-annually in arrears and will mature on April 1, 2030, unless earlier repurchased, redeemed or converted.

The notes will be convertible into cash, shares of Coinbase’s Class A common stock, or a combination thereof, at Coinbase’s election.”

Coinbase plans to use the funds to repay, redeem or repurchase other pending convertible notes and for general corporate purposes, according to the press release.

“Coinbase intends to use the net proceeds from the offering to repay at maturity, or repurchase or redeem prior to maturity, from time to time and subject to market conditions, its outstanding 0.50% convertible senior notes due 2026, 3.375% senior notes due 2028, and 3.625% senior notes due 2031 and for other general corporate purposes.”

Last month, Coinbase reported that Coinbase posted its first profitable quarter in two years, causing the price of its stock to skyrocket. According to its earnings report, Coinbase at the time had a net income of about $273 million, or $1.04 a share.

COIN is trading for $265.62 at time of writing, an 8.4% gain during the last 24 hours and an 81% rise in the last 30 days.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Related News

analyst-says-dogecoin-and-two-altcoins-flying-under-the-radar-flashing-bullish-signal-–-here’s-his-outlook
us-institutions-take-$206,000,000-out-of-crypto-investment-products-amid-interest-rate-worries:-coinshares
price-target-of-$111,000-for-bitcoin-(btc)-on-the-table,-according-to-economist-henrik-zeberg-–-here’s-when