Coinbase increases bond buyback program to $180 million
In a bit of reversal, Coinbase’s offer to buy back bonds from investors has swung from generating limited interest to more than previously hoped.
The U.S.-based cryptocurrency trading platform announced today that it had increased the total amount of 2031 bonds it is willing to buy back to $180 million from $150 million.
Just a couple of weeks ago, Coinbase’s offer had seemed to have been met with limited interest, signaling perhaps investors thought there was more upside for the notes.
At that time, Coinbase said investors had tendered about $50 million worth of the bonds which have a coupon of 3.625%. Now, the company says that in the days following the announcement investors tendered an additional $211 million worth of the bonds for a total of $261 million.