Coinbase to offer USD 1.5 billion of senior notes in private offering

Tuesday 14 September 2021 14:29 CET | News

Cryptocurrency exchange Coinbase intends to offer USD 1.5 billion of Senior Notes in a private offering designed to bolster its balance sheet.

Crypto exchange Coinbase announced its intention to offer USD 1.5 billion of its senior notes—due in 2028 and 2031—in a private offering. Senior notes are a type of debt-based security, akin to a bond, but are repaid first in the case of bankruptcy.

The notes themselves will only be made available to ‘persons reasonably believed to be qualified institutional buyers,’ per the United States' Securities Act of 1933. 

Earlier in 2021, Coinbase announced its intention to raise USD 1.25 billion by selling convertible notes—a type of bond that lets the purchaser earn interest or convert holdings into stocks. The move, announced in May 2021, was a surprise, given the fact the company was cash flow positive and had only recently gone public on the NASDAQ.

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Keywords: cryptocurrency exchange, blockchain, funding
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
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Blockchain & Cryptocurrencies

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