Wednesday, June 16, 2021
Trading Crypto Startup Coinbase Primes $1.25B Convertible Bond Sale

Crypto Startup Coinbase Primes $1.25B Convertible Bond Sale

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Law360 (May 17, 2021, 6:53 PM EDT) — Cryptocurrency exchange Coinbase Inc., represented by Fenwick & West LLP, on Monday unveiled plans to raise $1.25 billion privately through a convertible debt offering, raising fresh capital one month after its public debut.

Coinbase said it plans to raise the funds from wealthy investors considered “qualified institutional buyers” through five-year notes that are set to mature in 2026 unless they are bought back, redeemed or converted into the company’s Class A common stock before then.

Venture-backed Coinbase said the interest rate on the bonds, the initial conversion rate and other terms will be determined at pricing. The cryptocurrency trading venue stands to…

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