Coinbase’s Buyback Program Raises Over $50 Million in Bond Tenders
Coinbase recently announced that its buyback program, launched earlier this month, has collected more than $50 million in bond tenders. As a result, the exchange has increased its offering on the 3.625% Senior Notes maturing in 2031 from 64.5 cents to 67.5 cents on the dollar.
- The early tender results of Coinbase’s cash offer to purchase up to $150 million of its Senior Notes due in 2031 fell $100 million short, with a total raised amount of $50,034,000.
- In September 2021, Coinbase introduced $1 billion worth of 3.625% Senior Notes that would mature in 2031, trading close to par value.
- A filing with the SEC in May 2022 warned that digital assets held on Coinbase could be subject to bankruptcy proceedings, placing users’ assets at risk.
- The notes experienced a significant drop in December 2022, falling below 50 cents on the dollar, but have since partially recovered to approximately 64.5 cents.
- Despite recent SEC allegations, Coinbase reported stronger numbers than expected, with a Q2 revenue of $707.9 million and adjusted EBITDA of $194 million.
Despite the subdued interest in their buyback program, Coinbase’s financial performance has surpassed market expectations, showing resilience in the face of regulatory challenges.
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