HomeÚltimas NoticiasBlockchainCoinbase sees lukewarm demand for debt buyback, raises offer

Coinbase sees lukewarm demand for debt buyback, raises offer


Crypto exchange Coinbase has raised the offer on its $150 million debt buyback program after lukewarm demand.

In an Aug. 21 announcement, Coinbase revealed that since the buyback program went into effect earlier this month, investors have tendered just over $50 million of bonds compared with a target of $150 million. Accordingly, the exchange raised its offer on 3.625% senior notes due in 2031 from 64.5 cents on the dollar to 67.5 cents on the dollar. Coinbase wrote: 

“Holders of Notes (‘Holders’) who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time are eligible to receive the Amended Consideration for the Notes accepted for purchase. Holders of Notes will also receive accrued and unpaid interest on their Notes validly tendered and accepted for purchase.”

Exactly $1 billion of Coinbase 3.625% senior notes due in 2031 were issued in September 2021, shortly before the onset of the cryptocurrency bear market, at approximately par value. The notes fell to an all-time low of 47 cents on the dollar in December 2022, when Coinbase CEO Brian Armstrong warned that the exchange may suffer a 50% decline in revenue due to the ongoing crypto rout. Their price has since recovered to around 64.5 cents on the dollar. 

Despite facing allegations of selling unregistered securities from the United States Securities and Exchange Commission, Coinbase stock recovered 50% since the lawsuit was filed, albeit recently giving up most of its gains. Cathie Wood, CEO of ARK Invest, sold $12 million worth of Coinbase stock last month after buying aggressively for much of 2022.

Magazine: Should we ban ransomware payments? It’s an attractive but dangerous idea


Reciba noticias de Vimilin desde Google news


Please enter your comment!
Please enter your name here


BTC price shows ‘textbook’ Wyckoff moves as Bitcoin bulls defend $25K

Bitcoin (BTC) consolidated higher on Sept. 15 as analysis described recent BTC price behavior as “textbook.”Collect this article as an NFT to preserve this moment...

Magic Eden integrates Solana’s compressed NFTs into marketplace

Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning...

House Democrats back Biden candidacy as calls for president to drop out intensify on the left

FIRST ON FOX: House Democrats appear to be behind another Biden-Harris ticket, even as President Biden is being discouraged against running by some on the...

3 Standout Stocks to Buy as Worse-Than-Expected CPI Numbers Revive Inflation Fears

The August CPI report showed headline annual inflation rising 3.7% compared to the 3.2% reading seen in July and a 3.0% increase in June. As inflation...

Más popular