Coinbase may become the first company in the S&P 500 to direct bond proceeds toward Bitcoin, signaling further inflows of traditional market funds into digital assets.
The world's third-largest cryptocurrency exchange, Coinbase, announced on Tuesday that it is offering $2 billion of convertible senior notes to 'qualified institutional buyers,' with $1 billion maturing in 2029 and another $1 billion maturing in 2032.
According to the company's filings, these notes will be Coinbase's senior unsecured debt, paying interest semi-annually, with the interest rate and conversion terms to be determined at final pricing.
Coinbase also plans to grant initial note purchasers an additional principal amount of $150 million in 2029 notes and $150 million in 2032 notes.
The company stated that it will use the proceeds from the issuance to pay for capped call transaction costs related to the notes issuance, as well as for general corporate purposes, which may include 'working capital, capital expenditures, and investments and acquisitions of other companies, products, or technologies.'
Coinbase is the world's tenth-largest public holder of Bitcoin, currently holding 11,776 Bitcoins, worth approximately $1.26 billion.
The company acquired 2,509 Bitcoins worth over $288 million in the second quarter of 2025.
This is an evolving story that will be updated as the situation develops.
