Coinbase Just Dropped a $2 Billion Bomb–Here’s What It Really Means for Crypto Investors

Coinbase (NASDAQ:COIN) is hitting the convertible debt market with a $2 billion offeringits biggest capital raise of the yearas crypto firms hustle to secure low-cost funding. The company plans to use the proceeds to potentially buy back stock and redeem existing debt. This comes after COIN dropped 17% last week, following a Q2 earnings miss. Revenue rose just 3.3% year-over-year to $1.5 billion, short of analyst estimates and down sharply from $2 billion in Q1. The stock dipped another 4% Tuesday morning to $304.04, though it remains up more than 25% year-to-date.

The deal is split into two tranches: zero-coupon notes maturing in 2029 and 2032, offering conversion premiums of 50%55% and 30%35%, respectively. It also…

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