{"id":150236,"date":"2023-09-05T21:46:20","date_gmt":"2023-09-05T16:16:20","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=150236"},"modified":"2023-09-05T21:46:20","modified_gmt":"2023-09-05T16:16:20","slug":"coinbase-to-upsize-debt-repurchase-by-30m-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/coinbase-to-upsize-debt-repurchase-by-30m-crypto-news\/","title":{"rendered":"Coinbase to upsize debt repurchase by $30M – Crypto News"},"content":{"rendered":"
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Cryptocurrency exchange Coinbase has upsized its debt buyback offer from $150 million to $180 million.\u00a0<\/p>\n

According to the Sept. 5 announcement, Coinbase will commit<\/a>\u00a0$180 million to buying back its 3.625% senior notes due 2031. The offer will lapse on Sept. 18 at 11:59 pm Eastern Time (3:59 am UTC).<\/p>\n

At the time of the announcement, $50 million in tendered notes had been accepted for purchase, with an additional $211 million in tendered notes that had not been accepted, for a total of $261 million. Per Coinbase\u2019s offer, investors would receive 67.5 cents on the dollar should their tendered 2031notes be accepted for repurchase by the exchange.<\/p>\n

The 2031 notes have $1 billion in principal outstanding and were issued in September 2021. They are currently trading<\/a> near the offer value, having previously fallen to as low as 46 cents on the dollar in early January due to investor concerns regarding Coinbase\u2019s credit quality.\u00a0<\/p>\n

Coinbase reported a net loss of $430 million<\/a>\u00a0for Q1 2022, the first loss in its history, and a decrease in its customer count from 11.4 million to 9.2 million. The news prompted a steep sell-off of its stock and bonds.<\/p>\n

In August, however, the exchange managed to beat analysts\u2019 estimates, with a yearly revenue loss of just 10% and a much-narrowed net loss<\/a> of $97 million. The stock has rallied 121% year-to-date, though it is still down 78% from its all-time high of $353.39 on Nov. 9, 2021. Aside from being impacted by the overall cryptocurrency bear market, the exchange is currently engaged in litigation<\/a> with the United States Securities and Exchange Commission.<\/p>\n

Magazine:\u00a0How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency exchange Coinbase has upsized its debt buyback offer from $150 million to $180 million.\u00a0 According to the Sept. 5 announcement, Coinbase will commit\u00a0$180 million to buying back its 3.625% senior notes due 2031. The offer will lapse on Sept. 18 at 11:59 pm Eastern Time (3:59 am UTC). At the time of the announcement, […]<\/p>\n","protected":false},"author":2,"featured_media":150237,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-150236","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=150236"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150236\/revisions"}],"predecessor-version":[{"id":150239,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/150236\/revisions\/150239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/150237"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=150236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=150236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=150236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}