Posted 3/13/2024, 5:09:35 AM
Coinbase Raises $1 Billion Through Convertible Note Offering to Pay Down Debt and Fund Growth
- Coinbase raising $1 billion through senior convertible notes from institutional investors
- Notes act like loans that can be converted into Coinbase stock later
- Funds to be used to repay existing debt and for general business purposes
- Notes carry interest rate and mature April 2030, although Coinbase can repurchase earlier
- Move follows similar convertible note offering by MicroStrategy to buy more Bitcoin
