Bitcoin News Today: Coinbase raises $2 billion via convertible bonds to strengthen balance sheet

Coinbase Global Inc. has announced a $2 billion convertible bond offering, split into two tranches with maturities in 2029 and 2032 [1]. The offering, structured as a private placement under Rule 144A, is aimed at qualified institutional buyers and will not require registration with the U.S. Securities and Exchange Commission. The bonds are convertible into Class A shares, cash, or a combination of both, at Coinbase’s discretion, with interest to be paid semi-annually [2]. To mitigate potential share dilution, the company plans to enter into capped call transactions tied to the notes [4].

The offering follows a recent 15% drop in Coinbase’s stock price in late July 2025, which came after the company reported a decline in Q2 revenue and rising operating expenses [3]. At the time of the announcement, shares of Coinbase (COIN) traded at $302.48, a 4.9% decline for the day, with a market capitalization of $79.2 billion [1].

Investors have been given the opportunity to purchase an additional $300 million in notes, depending on market demand [1]. A portion of the proceeds will be used to fund the capped call transactions, while the remainder will support general corporate purposes, including working capital, capital expenditures, and potential debt repurchases [2]. The company emphasized that the offering is part of its broader strategy to strengthen its balance sheet amid ongoing macroeconomic and regulatory uncertainties.

Coinbase’s decision to raise capital through convertible debt is consistent with similar actions taken by other crypto firms in a challenging financial environment [2]. The company also added 2,509 BTC during Q2, bringing its total Bitcoin holdings to 11,776 BTC, placing it among the top 10 public holders of the asset [5]. This move reflects Coinbase’s continued investment in Bitcoin as part of its long-term strategy.

Analysts have provided a mixed outlook on Coinbase’s recent performance. Benchmark analysts have maintained a “Buy” rating, highlighting the firm’s long-term growth potential and structural advantages in the digital asset market [6]. Others, however, have expressed caution, pointing to sector-specific risks such as competition and market volatility.

Coinbase has also made regulatory progress in Europe, securing a license in Luxembourg under the EU’s Markets in Crypto-Assets (MiCA) framework [5]. The company has positioned itself as a key player in the U.S. digital asset market and was recently named one of TIME’s 100 Most Influential Companies in 2025 [5]. The convertible bond offering will be closely watched as a key test of Coinbase’s capital management strategy in a sector characterized by rapid change and regulatory scrutiny.

Source:

[1] Seeking

[2] AInvest

[3] CoinLaw

[4] Sherwood

[5] Cryptonews

[6] CoinCentral