Key Insights:
Coinbase announced a plan to raise $2 billion from selling convertible senior notes.
This could help pay off debt and boost the company’s growth after a recent drop in revenue.
COIN stock has dropped 20% in a week, falling over 5% to almost $301 on August 5.
Crypto exchange Coinbase (NASDAQ: COIN) on Tuesday said it plans to raise $2 billion from selling convertible notes. The firm joined other crypto firms using the same strategy to raise millions from high-net-worth investors, venture capital firms, and institutions amid a favorable environment.
However, COIN stock tumbled more than 5% on Tuesday to increase the weekly fall to 20%. This has raised concerns among investors after revenue missed expectations in Q2.
Coinbase Announces to Raise $2 Billion from Convertible Notes Offering
In a press release on August 5, Coinbase announced a plan to offer $2 billion in convertible senior notes to qualified institutional buyers. This comprised of equal amount of
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