The stock surged by 18% last week due to bitcoin reaching new record highs and US bitcoin ETFs consistently breaking records. written by Katherine Ross. 12 marca 2024, o 17:47. Nadezda Murmakova’s image, altered by Blockworks. Coinbase revealed a plan to issue $1 billion in convertible notes on Tuesday. The notes, set to reach maturity in 2030, will be targeted towards institutional investors. Additionally, Coinbase intends to give the initial buyers of the notes a 30-day opportunity to acquire an extra $123 million worth of notes to account for over-allotments. The company has the option to exchange the notes for cash, Class A stock shares, or a combination of both. The cryptocurrency exchange plans to use the funds from the offering for various corporate expenses as well as to repay or repurchase different types of senior notes. Coinbase is also pursuing an appeal against the SEC’s denial of its rulemaking petition. Coinbase may use some of the proceeds for investments or acquisitions of other companies, products, or technologies they identify. The stock dropped 2.5% after hours to $249 a share, around $22 below its recent high. Coinbase has seen impressive growth over the past year, up 308%, and 82% in just the past month. This decision mirrors MicroStrategy’s recent move, with the company announcing a $600 million private offering of convertible senior notes. Just a few days after that, they increased the offering to $212 million.