Coinbase sees lukewarm demand for debt buyback, raises offer
Coinbase has increased its offer for discounted debt by 3% after receiving less demand than expected for its $150 million debt buyback program.
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Posted 8/21/2023, 4:01:25 PM
cointelegraph.com
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Coinbase's stock experienced a significant surge after a federal judge ruled in favor of Grayscale in their SEC dispute, leading to hopes of a potential Bitcoin ETF and increasing the value of COIN by over 15%.
Coinbase has launched a new crypto lending service for institutional clients, offering overcollateralization and secured loans in the wake of the bankruptcies of similar firms Genesis and BlockFi.
Cryptocurrency exchange Coinbase has increased its debt buyback offer to $180 million, with $50 million in tendered notes already accepted for purchase, as it aims to repurchase its 2031 senior notes.
Coinbase has reportedly earned a $1 million profit from the $73 million Curve exploit in July, but has refused to refund victims, highlighting the tension between the decentralized nature of blockchain finance and the lack of recourse for crypto theft.
Coin Metrics' latest report shows that Coinbase's revenues have diversified away from trading fees, now accounting for 77% of total revenues, as other business lines like subscription fees and wallet services contribute an increasing share. However, Coinbase's growth is limited due to its high trading fees and dependence on the U.S. market, making its future uncertain.