Coinbase is preparing to raise $2 billion through the sale of senior unsecured notes as part of a strategy to potentially acquire additional Bitcoin and fund long-term company growth.
The offering involves notes maturing in 2029 and 2032. The exchange has consistently increased its Bitcoin reserves, solidifying its position as one of the largest public holders of the cryptocurrency globally.
As of its most recent quarterly report, Coinbase holds 11,776 Bitcoin, valued at approximately $1.26 billion, ranking it as the world’s 10th-largest public holder of Bitcoin. The company further demonstrated its commitment by acquiring 2,509 Bitcoin, worth over $288 million, within that single quarter.
This planned use of convertible note proceeds to finance potential Bitcoin purchases, if executed, is believed to be the first instance of an S&P 500 company employing this specific strategy. The move signals Coinbase’s strong confidence in cryptocurrency markets.
The financing strategy may also encourage other corporate entities to explore similar methods for incorporating Bitcoin onto their balance sheets, potentially driving further institutional involvement in the digital asset space.