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<p><span style="font-weight: 400;">US crypto exchange </span><a href="https://insidebitcoins.com/news/coinbase-crashes-on-surging-trading-volume-as-bitcoin-soars-to-2021-high"><span style="font-weight: 400;">Coinbase</span></a><span style="font-weight: 400;"> plans to raise $1 billion through the sale of convertible bonds, deploying a strategy similar to that Michael Saylor used to fund purchases of Bitcoin by MicroStrategy.</span></p> 
<p>The sale of the convertible bonds, via a private offering, enables Coinbase <span style="font-weight: 400;">to avoid an equity sale that would dilute existing shareholders and risk impacting its stock price. </span><span style="font-weight: 400;">Holders will be able to convert them into either Coinbase shares or cash in 2030.</span></p> 
<p>Saylor’s MicroStrategy has also used the debt market to fund its Bitcoin hoard, now worth in the region of $15 billion. It’s raised more than $2 billion from convertible bonds in recent years, the most recent being a $700 million offering of convertible senior notes this month.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Coinbase Announces $1 Billion Convertible Bond Offering <a href="https://t.co/8jXxkvAidn">pic.twitter.com/8jXxkvAidn</a></p> 
 <p>— HZKE (@HZKE_AI) <a href="https://twitter.com/HZKE_AI/status/1767656577920884782?ref_src=twsrc%5Etfw">March 12, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h2 id="span-style-font-weight-400-coinbase-takes-an-extra-precaution-span"><span style="font-weight: 400;">Coinbase Takes An Extra Precaution</span></h2> 
<p><span style="font-weight: 400;">Coinbase is taking an extra precautionary measure to prevent shareholder dilution during the conversion period, which MicroStrategy did not implement in its recent deal. </span></p> 
<p><span style="font-weight: 400;">To protect its investors, Coinbase will offer “negotiated capped call transactions,“ a hedge to ensure existing shareholders are not diluted.</span></p> 
<p>Coinbase said it will use the funds to repay an existing convertible senior note issue, and for general corporate purposes that might include working capital and capital expenditures, as well as to pay for the capped call transactions.</p> 
<h3 id="span-style-font-weight-400-related-articles-span"><span style="font-weight: 400;">Related Articles:</span></h3> 
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Coinbase To Raise $1 Billion From Convertible Bond Sale, Adopts Michael Saylor’s MicroStrategy Playbook

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Inside Bitcoins

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