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Coinbase announced on Tuesday its intention to raise $1 billion through a convertible bond offering available exclusively to qualified institutional buyers.
The company intends to use the proceeds from this offering for various corporate purposes, including debt repayment and general operational expenses.The notes, maturing on April 1, 2030, will be senior, unsecured obligations of Coinbase, accruing interest payable semi-annually. They will also be convertible into cash, shares of Coinbase’s Class A common stock, or a combination thereof at the exchange’s discretion.
Proceeds from the offering will primarily be allocated towards the repayment, repurchase, or redemption of existing debt instruments, including 0.50% Convertible Senior Notes due 2026, 3.375% Senior Notes due 2028, and 3.625% Senior Notes due 2031. Coinbase also intends to use the funds for general corporate purposes, including working capital and capital expenditures, to cover the costs associated with the capped call transactions.Coinbase is adopting a financial strategy akin to that of MicroStrategy. The largest corporate holder of Bitcoin has procured 205,000 BTC, valued at almost $15 billion. The company has predominantly utilized the$600 million due to high demand.
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