Coinbase, the third-largest global crypto exchange, has announced a $2 billion dual-tranche convertible note sale, targeting institutional buyers.
The notes — $1 billion due in 2029 and $1 billion in 2032 — are unsecured senior obligations, with interest details to be finalized. Coinbase also plans to offer an additional $150 million in each tranche.
The proceeds will support capped call transactions and broader corporate goals, such as working capital, acquisitions, and possibly Bitcoin purchases — potentially making Coinbase the first S&P 500 firm to buy BTC via debt financing.
As of now, Coinbase holds 11,776 BTC worth $1.26 billion, positioning it as the 10th-largest public holder of Bitcoin. This offering highlights a growing convergence between traditional financial instruments and digital asset strategies, reinforcing crypto’s expanding institutional footprint.
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