Coinbase Proposes $1 Billion Convertible Note Offering to Investors

• Coinbase announces proposed private offering of $1.0 billion convertible senior notes due 2030 • Notes will be convertible into cash, shares of Coinbase stock, or a combination at Coinbase's election • Coinbase expects to use net proceeds to repay/repurchase existing debt and for general corporate purposes • Offering is subject to market conditions and only offered to qualified institutional buyers • Coinbase expects to enter capped call transactions to reduce potential dilution from note conversions