Cryptocurrencies
Coinbase Global Plans to Offer $1 Billion in Convertible Notes
- Proceeds will be used to repay existing debt, general purposes
- Shares of Coinbase have surged 47% since the start of the year
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Coinbase Global Inc., the largest US cryptocurrency exchange, said it plans to offer $1 billion in convertible senior notes to repay existing debt and for general corporate purposes.
The notes maturing in 2030 will be sold through a private offering to institutional investors, Coinbase said in a statement Tuesday. Coinbase also expects to grant a 30-day option to allow the purchase of up to an additional $150 million of the securities to cover over-allotments. The notes will be convertible into cash, shares of Coinbase’s Class A common stock, or a combination, at the company’s election.