According to The Block, cryptocurrency exchange Coinbase seized the opportunity amidst the soaring cryptocurrency market and its stock price nearing a 26-month high. On Tuesday (12th), it announced plans to sell $1 billion in convertible senior notes to institutional investors.
This move aims to raise funds to repay existing debts and cover the company’s operational costs. The notes will mature in 2030, and after the sale, Coinbase’s liabilities may increase by $1 billion, bringing its total debt to $4 billion.
Upon maturity, these notes 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.
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