Summary
TLDR: Coinbase plans to offer $1 billion in convertible notes to institutional investors, with proceeds used for general corporate purposes and potential investments. Stock down 2.5% after hours, but company is up 308% in the past year. Move follows similar offering from MicroStrategy. Both companies are benefiting from the rise in bitcoin prices.
Key Points
1. Coinbase announced a proposed offering of $1 billion in convertible notes on Tuesday.
2. The notes would mature in 2030, according to the company, and would be offered to institutional investors.
3. Coinbase may also use a portion of the net proceeds to make investments in and acquisitions of other companies, products, or technologies.