Coinbase May Use Convertible Note Offering to Potentially Acquire More Bitcoin and Fund Investments

Key Points

1. Coinbase is issuing $2 billion in senior unsecured notes maturing in 2029 and 2032 to expand its Bitcoin holdings and support long-term growth.

2. As of Q2 2025, Coinbase holds 11,776 BTC, valued at approximately $1.26 billion, making it the 10th-largest public Bitcoin holder globally.

3. The company acquired 2,509 BTC worth over $288 million in Q2 2025, demonstrating its continued investment in Bitcoin.

4. This offering could mark the first instance of an S&P 500 company using convertible note proceeds to acquire Bitcoin, signaling growing confidence in cryptocurrency markets.

5. The move may inspire other companies to explore similar strategies, potentially increasing institutional involvement in the crypto market.