Coinbase Convertibles Jump to Two-Year High During Crypto Rally
- Crypto exchange’s June 2026 notes in negative yield territory
- Milestone follows bond sale from Michael Saylor’s firm
This article is for subscribers only.
The recent rally in cryptocurrencies has spurred a recovery in a bond issued by the exchange firm Coinbase Global Inc. that had been trading in distressed territory as recently as last year.
Coinbase sold the convertible bond — which can be converted into shares when it matures — during the pandemic amidst a surge in demand for tech and growth stocks. It has a coupon of just 0.5% and demand plummeted when the underlying stock slumped following the rise in global interest rates.