United

Time

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  The United States crypto exchange has increased its offer for discounted debt by 3%. 
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<div class="cointelegraph"> 
 <p>Crypto exchange Coinbase has raised the <a rel="noopener noreferrer nofollow" title="offer" href="https://thebittimes.com/tag/offer.html">offer</a> on its $150 million debt <a rel="noopener noreferrer nofollow" title="buyback" href="https://thebittimes.com/tag/buyback.html">buyback</a> program after <a rel="noopener noreferrer nofollow" title="lukewarm" href="https://thebittimes.com/tag/lukewarm.html">lukewarm</a> <a rel="noopener noreferrer nofollow" title="demand" href="https://thebittimes.com/tag/demand.html">demand</a>.</p> 
 <p>In an Aug. 21 announcement, Coinbase revealed that since the <a rel="noopener noreferrer nofollow" title="buyback" href="https://thebittimes.com/tag/buyback.html">buyback</a> program went into effect earlier this month, investors have tendered just over $50 million of bonds compared to a target of $150 million. Accordingly, the exchange raised its <a rel="noopener noreferrer nofollow" title="offer" href="https://thebittimes.com/tag/offer.html">offer</a> on 3.625% Senior Notes due 2031 from 64.5 cents on the dollar to 67.5 cents on the dollar. Coinbase wrote:&nbsp;</p> 
 <blockquote>
   "Holders of Notes ("Holders") who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time are eligible to receive the Amended Consideration for the Notes accepted for purchase. Holders of Notes will also receive accrued and unpaid interest on their Notes validly tendered and accepted for purchase" 
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 <p>Exactly $1 billion Coinbase 3.625% Senior Notes due 2031 were issued in September 2021, shortly before the onset of the cryptocurrency bear market, at approximately par value. The notes fell to an all-time low of 47 cents on the dollar in December 2022, when Coinbase CEO Brian Armstrong warned that the exchange may suffer a 50% decline in revenue due to the ongoing crypto rout. Their price has since recovered around 64.5 cents on the dollar.&nbsp;</p> 
 <p>Despite facing allegations of selling unregistered securities from the U.S. Securities and Exchange Commission, Coinbase stock recovered 50% since the lawsuit was filed, albeit recently giving up most of its gains. Cathie Wood, CEO of Ark Invest, sold $12 million worth of Coinbase stock last month after buying aggressively for much of 2022.</p> 
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Coinbase sees lukewarm demand for debt buyback, raises offer

TheBitTimes

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