The cryptocurrency exchange Coinbase has announced plans to raise $2 billion through the issuance of private convertible bonds. The issuance will be divided into two tranches with maturities in 2029 and 2032, each amounting to $1 billion. Investors will be given the option to purchase an additional $300 million in each tranche.
This is reported by Business • Media
Placement Terms and Deal Details
Coinbase’s convertible bonds are being offered only to institutional investors under Rule 144A, which allows the sale of securities without prior registration with the SEC. The bonds are senior unsecured, and their conversion will be at the company’s discretion into Class A shares, cash, or a combination of these assets. Interest payments to bondholders will be made semi-annually.
The company plans to use the proceeds to fund corporate needs, including supporting working capital and capital expenditures, as well as for potential repurchase or redemption of existing debt obligations. A portion of the raised funds will be allocated to entering into call options, which will help reduce share dilution during conversion and lower costs beyond the company’s principal debt.
Financial Performance and Analyst Reactions
The announcement of the convertible bond issuance came amid the release of Coinbase’s financial report for Q2 2025, which noted a decrease in revenue and an increase in expenses. Following this news, the company’s stock under the ticker COIN on the Nasdaq fell by 15%.
As of the preparation of this material, Coinbase’s stock price stands at $308.6, which is 3.2% lower than the previous day. The company’s current market capitalization is $79.2 billion.
“Despite the negative indicators, Benchmark analysts maintained a ‘buy’ recommendation for Coinbase’s shares, noting long-term catalysts.”
At the same time, the exchange continues to increase its Bitcoin reserves, which reached 11,776 BTC in Q2 2025. Previously, Coinbase also launched perpetual futures for traders in the U.S., indicating further development of the company in the digital asset market.