Coinbase has announced that it will raise $1 billion through convertible senior notes in a private offering. The leading cryptocurrency exchange, whose stock is listed as COIN on the Nasdaq, has seen a 3% increase in value today, trading at $263.86 according to Nasdaq data. It ended at $256 on Tuesday, increased to over $268 on Wednesday morning, and then stabilized at the current price. In the last month, the value of COIN has risen by almost 13%. Earlier this week, COIN reached its highest price of $271.65 since 2021. The announcement stated that “qualified institutional buyers” will have the option to convert the notes, which will mature in 2030, into cash, shares of Coinbase’s Class A common stock, or a combination of both. In addition, Coinbase, the largest digital asset exchange in America, will offer a 30-day option for the purchase of up to an additional $150 million of securities to cover over-allotments. Following the example set by software company MicroStrategy, which recently announced a private sale of $600 million in convertible senior notes to buy more Bitcoin, San Francisco-based Coinbase is taking similar actions. MicroStrategy holds the largest amount of Bitcoin among corporate entities, with 205,000 BTC in its treasury equating to almost $15 billion. In 2021, Coinbase, a public company, serves as the custodian and partner for several major fund managers who have launched spot Bitcoin exchange-traded products. These funds have experienced significant success with substantial inflows and high trading volumes since their launch in January. Andrew Hayward edited the disclaimer, stating that the 10 ETFs received record net inflows on Tuesday, surpassing $1 billion and bringing total assets under management to over $60 billion. The author’s views and opinions are for information only and should not be taken as financial advice. Keep informed about crypto news by receiving daily updates in your email inbox.