Coinbase to Raise $2B in Convertible Notes as COIN Sags in Pre-Market Trading
Main Idea
Coinbase's revenue dropped 25% from the previous financial quarter, and the company announced plans to raise $2 billion through convertible senior notes for general corporate purposes, including potential acquisitions.
Key Points
1. Coinbase's revenue decreased by 25% compared to the previous quarter.
2. The company plans to raise $2 billion through convertible senior notes maturing in 2029 and 2032.
3. Proceeds will be used for general corporate purposes, such as working capital, capital expenditures, and investments.
4. Coinbase recently acquired crypto exchange Deribit for approximately $2.9 billion.
5. The company's stock (COIN) has declined nearly 2% following the revenue announcement and faced a $4.5 million fine from a UK regulator.
Description
Centralized crypto exchange Coinbase is set to raise $2 billion in convertible senior notes, as COIN sagged in pre-market trading.
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