Coinbase plans to raise $2 billion through a private offering of convertible senior notes to “qualified institutional buyers”, according to a filing from 5 August.
The bonds will be released in two tranches – with $1 billion due in 2029 and $1 billion due in 2032. In the filing, the company states “the notes will be senior, unsecured obligations of Coinbase and will accrue interest payable semi-annually in arrears.” The filing also details that the exchange may grant initial note purchasers in both tranches a further $150 million principal, which could bring the total amount up to $2.3 billion.
The offer is being led by JPMorgan, Bloomberg reported.
Proceeds for Bitcoin?
The proceeds from the offering will be used to cover costs of transactions, as well as “general corporate purposes, which may include working capital, capital expenditures and investments in and acquisitions of other companies, products or technologies.”
There is some speculation that Coinbase may use some of the funds to directly purchase Bitcoin, though Coinbase has not commented.
The exchange is the 10th largest public holder of Bitcoin, according to bitcointreasuries.net. The company currently holds 11,776 BTC, having purchased 2,509 BTC in the second quarter of 2025 alone.
An industry trend
Coinbase is not the first crypto-industry company seeking to raise significant capital from investors via bonds or stock sales. In the past week, Michael Saylor’s Strategy purchased $2.4 billion of Bitcoin after a preferred stock sale, and Japanese investment firm Metaplanet also announced a $3.7 billion preferred stock sale.
Stock falling
After a disappointing Q2 earnings announcement last week, Coinbase shares dropped 17%, and continued their fall even after the bond sale was announced. The stock reached its all-time high on 18 July this year, hitting $444.65. As of 14:00 UTC on Wednesday, the stock traded at about $298.
