September 19, 2021

Coinbase will increase its bond placement to $ 2 billion

The trading platform originally reported a $ 1.5 billion issue of securities maturing in 2028 and 2031. The funds raised by the crypto exchange will be spent on developing new products and hiring employees.

Coinbase, the largest cryptocurrency exchange in the USwill increase the volume of bonds placed by private offering due in 2028 and 2031 to $ 2 billion, according to Reuters. According to the newspaper, the company's management made such a decision due to high demand. Initially, the trading platform planned to issue securities for $ 1.5 billion.

Coinbase will use the funds raisedto develop new products and recruit employees. Also, the funds can go to the acquisition of other companies. In May of this year, the crypto exchange has already issued bonds for $ 1.25 billion.

In April of this year, Coinbase acquired UK-based analytics platform Skew and integrated its products into its institutional investor platform, Coinbase Prime.

Also in April, Coinbase became the world's firsta public crypto exchange - it was listed on the NASDAQ (no IPO procedure). At the peak, the value of the company's shares reached $ 429.5, then they entered the stage of decline. As of September 15, 11:10 Moscow time, on the US premarket, the shares are traded at $ 242 per share.