TechFlow reported, according to The Block, that Coinbase plans to sell $1 billion in convertible preferred notes to institutional investors, aiming to raise funds to repay existing debt and cover corporate expenses.
The notes will mature in 2030 and could increase Coinbase's total debt to $4 billion. Upon maturity, the notes can be converted into Class A shares of Coinbase or redeemed in cash. Investors may have the option to purchase an additional $150 million in notes within the first 30 days after issuance.
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