Coinbase to sell over $1 billion in convertible debt
US-based cryptocurrency exchange Coinbase became a publicly-listed company over a month ago. Since then, the company’s stock price has underperformed. It dropped below the $250 mark after reaching an initial all-time high of $429.Coinbase is now planning to sell $1.25 billion in convertible debt. The company will sell senior convertible notes due in 2026. These are debt securities with an option to convert into an amount of the issuer's shares. The notes have priority over other securities and offer investors a change to earn interest. However, these types of interest payments tend to accumulate and increase over time.
Additionally, these bonds can be converted to Class A common stock which would give owners more voting rights. Typically, these are not sold to the public and can't be traded. The option would be available only if COIN attains a set strike price.
Notes are an opportunity to strengthen balance sheet
"This capital raise represents an opportunity to bolster Coinbase's already strong balance sheet with low-cost capital that maintains operating freedom and minimizes dilution for Coinbase's stockholders," Coinbase said in a statement.Coinbase added that “The notes will be senior, unsecured obligations of Coinbase, will accrue interest payable semi-annually in arrears and will mature on June 1, 2026, unless earlier repurchased, redeemed or converted. The notes will be convertible into cash, shares of Coinbase’s Class A common stock, or a combination thereof, at Coinbase’s election. The interest rate, initial conversion rate, and other terms of the notes are to be determined upon pricing of the offering.”
The cryptocurrency exchange intends to engage in privately negotiated capped call transactions with one or more of the initial buyers. The calls are expected to cover the number of shares of Coinbase’s Class A common stock underlying the amount of notes sold in the offering.
Coinbase still considered a strong company despite stock price decrease
Coinbase’s stock has experienced a massive decline in price since it launched on the NASDAQ stock exchange roughly a month ago. It began trading around $380 and went to an all-time high of $429 within hours. However, the price has been declining ever since, and it recently dipped below the $250 mark.Despite the stock price dip, analysts expect the company to lead the cryptocurrency space. Senior Research Analyst Richard Repetto of investment firm Piper Sandler rates Coinbase as overweight. An analyst's rating of overweight suggests that the stock will likely perform above the average return of the industry over the next eight to 12 months.
According to Repetto, the crypto exchange has the potential to lead the cryptocurrency market.
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