- The Coinbase exchange has offered investors to buy back a portion of the $150 million bond.
- The total bond commitment is $1 billion.
- The bond purchase is due to strong financial performance in the second quarter, the company said.
The Coinbase exchange has announced the repurchase of $150 million in bonds with a rate of 3.625% and maturity through 2031. The total bond liability is $1 billion. The offer expires Sept. 1, 2023, the company said.
Investors who participate in the repurchase offer and sell their bonds by Aug. 18 will receive $645 for each $1,000 face value of the security. That amount includes a special early tender premium of $30, the document said.
If the notes are sold after Aug. 18 but before the offer expires on Sept. 1, Coinbase will offer $615 for each $1,000 face value of the notes.
In a special call to shareholders, the cryptocurrency exchange reported revenue of $708 billion for Q2 2023.
“The second quarter was successful for us. It marked progress toward creating a more efficient and financially disciplined company,” the report said.
Shares of Coinbase are up nearly 136% YTD, according to TradingView.
Shares of Coinbase Global, Inc. grew by almost 136% in 2023. Source: TradingView
The crypto exchange has previously faced regulatory pressure from the U.S. Securities and Exchange Commission (SEC). In July, it suspended steaking in four U.S. states. In August, it was reported that Coinbase plans to file a motion to dismiss the SEC’s lawsuit.
It was also reported that Coinbase plans to file a motion to dismiss the SEC’s lawsuit.