Coinbase Secures $2 Billion Convertible Note Offering
Coinbase (NASDAQ: COIN) is poised to become the first S&P 500 company to acquire Bitcoin using proceeds from a private debt offering, signaling continued capital inflow into the digital asset space.
On Tuesday, the world’s third-largest cryptocurrency exchange announced a $2 billion convertible senior note offering targeted at “qualified institutional buyers.” The offering consists of two tranches: $1 billion maturing in 2029 and $1 billion maturing in 2032.
The notes, described as senior, unsecured obligations by Coinbase, will accrue semi-annual interest payable in arrears. The specific interest rate and conversion terms remain to be determined upon final pricing.
As part of the deal, Coinbase plans to grant initial note purchasers an additional $150 million principal amount of both the 2023 and 2032 notes.
Net proceeds from the offering will initially fund costs associated with capped call transactions related to the note issue. Excess funds may be used for general corporate purposes, including working capital, capital expenditures, investments in, and acquisitions of companies, products, or technologies.
According to data from BitcoinTreasuries.NET, Coinbase ranks tenth globally among public entities holding significant Bitcoin, possessing 11,776 BTC (worth ~$1.26 billion as of the report’s writing).
Coinbase acquired 2,509 BTC (~$288 million worth) during Q2 2025.
This news follows recent trends of capital flowing out of traditional finance into digital assets, though recent crypto fund inflows reversed course.
