Cryptocurrency exchange Coinbase has announced plans to raise $1 billion through a convertible debt offering, following in the footsteps of Michael Saylor’s MicroStrategy.
By raising capital through convertible convertible bonds, Coinbase can avoid any adverse impact on its stock price.
Coinbase To Raise $1 Billion
Coinbase announced the proposed private offering in an announcement published on the 12th of March, stating that it is open only to investors classified as “qualified institutional buyers.” This move allows Coinbase to avoid an equity sale that could have adversely impacted its stock price.
“Coinbase Global, Inc. (“Coinbase”) (Nasdaq: COIN) today announced its intention to offer, subject to market conditions and other factors, $1.0 billion aggregate principal amount of Convertible Senior Notes due 2030 (the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to R
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