Cryptocurrency exchange Coinbase reported on the successful sale of 7- and 10-year debt bonds worth more than $ 2 billion, while the demand for securities exceeded $ 7 billion.
Initially, it was planned that the exchange would issue bonds for $ 1.5 billion, but the huge demand for these securities allowed increasing the transaction amount to $ 2 billion. The interest rate on 7-year bonds was 3.375%, and the rate on 10-year bonds – 3.625%. The rates are lower than initially expected, but slightly higher than in the market for such securities as a whole.
The sale took place as part of a private bond offering through the investment bank Goldman Sachs. Bloomberg analysts
celebratethat the huge demand for Coinbase bonds speaks to the massive adoption of the cryptocurrency industry among investors. Bloomberg Intelligence analyst Julie Chariell said:
“Interest speaks of support from debt investors. Coinbase is a leader in cryptocurrency trading but is launching other businesses to diversify. ”
Recently, it was reported that Coinbase could get a lawsuit from the US Securities and Exchange Commission (SEC) – the regulator did not like the exchange’s intention to launch a high-yield savings product for the USDC stablecoin.