The exchange said the increase was linked to substantial market interest.
Coinbase has announced that it now intends to raise $2 billion through a debt offering — up from an initial sum of $1.5 billion.
The exchange said the increase was linked to substantial market interest.
According to the Economic Times, at least $7 billion of orders poured in for the junk bonds.
Some $1 billion in senior notes due in 2028 are being sold, which will attract interest at a rate of 3.375% per year.
And another $1 billion due in 2031 have been offered, with an interest rate of 3.625% per year.
At the time of the initial announcement, Coinbase said that it planned to use the funds for “general corporate purposes, which may include continued investments in product development, as well as potential investments in or acquisitions of other companies, products, or technologies that Coinbase may identify in the future.”
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Regulatory Drama Ensues
Coinbase is currently engaged in a battle with the U.S. Securities and Exchange Commission over plans to launch a lending product.
Lend would allow users to earn interest on specific digital assets — but the SEC filed a Wells notice, threatening to begin legal action if it proceeds.
Brian Armstrong, the exchange’s CEO, criticized the regulator and described its behavior as “sketchy,” but did confirm that Lend’s arrival would be delayed until the end of October at the earliest.
With 88% of Coinbase’s revenues coming from transaction fees, it seems Armstrong is keen to ensure that the company diversifies its income streams — especially as rival platforms attempt to entice users away with low-cost alternatives.
