Coinbase sells zero-coupon bonds in two tranches as deals flood market

Description

Coinbase is raising $2 billion through a new convertible bond sale, locking in cash to support its crypto treasury while navigating weaker trading volumes and shaky revenue. The company made the announcement on Tuesday, saying the funds might be used to buy back shares or pay off older debt, and it drops Coinbase right in the middle of a broader scramble among crypto firms piling into equity-linked markets as interest rates stay relatively low. At 9:30 a.m. Tuesday, Coinbase shares fell 4% to $3...