Coinbase plans private offering of $1 billion of convertible senior notes

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Also Read: Bitcoin reaches all-time high of $72,000, should you invest? Here's what experts say The notes will be convertible into cash, shares of Coinbase’s Class A common stock, or a combination, at the company’s election. “The notes will be senior, unsecured obligations of Coinbase, will accrue interest payable semi-annually in arrears and will mature on April 1, 2030, unless earlier repurchased, redeemed or converted.

The interest rate, initial conversion rate, and other terms of the notes are to be determined upon pricing of the offering," the company statement said. Also Read: Crypto gets blamed for a real-life currency crisis Coinbase intends to use the net proceeds from the offering to repay at maturity, or repurchase or redeem prior to maturity, from time to time and subject to market conditions, its outstanding 0.50% Convertible Senior Notes due 2026, 3.375% Senior Notes due 2028, and 3.625% Senior Notes due 2031.

Other general corporate purposes may include working capital and capital expenditures, and to pay the cost of the capped call transactions, the company added. Coinbase shares declined about 3.6% after regular trading hours.

The stock has jumped 47% this year. Milestone Alert!
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