COIN Capital

Coinbase Announces Pricing of Upsized Offering of $2.6 Billion of Convertible Senior Notes

Published August 06, 2025 at 03:03 AM

Remote-First-Company/BOSTON--(BUSINESS WIRE)--Coinbase Global, Inc. (“Coinbase”) (Nasdaq: COIN) today announced the pricing of $1.3 billion aggregate principal amount of 0% Convertible Senior Notes due 2029 (the “2029 notes”) and $1.3 billion aggregate principal amount of 0% Convertible Senior Notes due 2032 (the “2032 notes” and, together with the 2029 notes, the “notes”) in a private offering (the “offering”) to persons reasonably believed to be qualified institutional buyers pursuant to Rule

Related Questions

How might this convertible note pricing influence analyst coverage and sentiment toward Coinbase? Could the conversion feature lead to a substantial increase in outstanding shares and affect EPS forecasts? How does this offering compare to recent convertible note issuances by other major crypto‑exchange competitors? What is the expected conversion premium and timing for the 2029 and 2032 notes? How will the issuance of $2.6 billion in zero‑coupon convertible notes affect Coinbase’s cash‑flow and balance sheet? What are the potential dilution implications once the notes are converted into equity? How does the 0% coupon rate compare to market rates for similar senior notes? How might the large convertible debt issuance impact the stock’s volatility and short‑term price action? What are the specific conversion ratios and any reset features tied to the notes? What credit rating, if any, has been assigned to these notes and what does it imply about default risk? What impact will the note maturities in 2029 and 2032 have on future refinancing risk for Coinbase? Are there any anti‑dilution or redemption protections that could affect existing shareholders? How will the market view the zero‑interest structure in the context of the current interest‑rate environment? What is the anticipated effect on the company’s leverage ratios post‑issuance? Will the proceeds be used for repurchasing shares, capital expenditures, or other strategic initiatives?