COIN Funding

Coinbase Announces Proposed Private Offering of $2.0 Billion of Convertible Senior Notes

Published August 05, 2025 at 11:00 AM

Remote-First-Company/PHOENIX--(BUSINESS WIRE)--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 2029 (the “2029 notes”) and $1.0 billion aggregate principal amount of 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 t

Related Questions

Will the proceeds from the note offering be used for specific strategic initiatives (e.g., product expansion, acquisitions, balance‑sheet management), and how could those uses affect the company's growth trajectory? How might the market pricing of the notes influence the underlying stock price of COIN during the offering period? Will the private offering dilute existing shareholders if and when the notes are converted into common equity? How will the issuance of $2.0 billion in convertible notes affect Coinbase's capital structure and leverage ratios? How does the size and terms of this private convertible note offering compare to recent similar issuances by other crypto‑exchange competitors? What is the expected yield or conversion premium on the 2029 and 2032 convertible notes, and how does it compare to current market rates? What impact could the note issuance have on Coinbase's short‑term and long‑term cash flow and liquidity position? What are the key covenants and redemption features of the 2029 and 2032 notes, and how might they impact future financing flexibility? What are the potential risks of default or restructuring associated with the 2029 and 2032 notes under various stress‑scenario assumptions? What is the anticipated timeline for the conversion of these notes, and what effect could that have on future earnings per share (EPS) forecasts? How will the rating agencies likely view the additional $2 billion of debt, and could it affect Coinbase's credit rating?