Coinbase plans $2B dual-tranche note sale to fund buybacks, acquisitions

Coinbase may become the first company in the S&P 500 index to acquire Bitcoin from the proceeds of an upcoming private note offering, signaling further capital migration from traditional markets into digital assets.

Coinbase, the world’s third-largest cryptocurrency exchange, announced Tuesday a $2 billion convertible senior note offering for “qualified institutional buyers,” with $1 billion worth of notes due 2029 and $1 billion due 2032.

“The notes will be senior, unsecured obligations of Coinbase and will accrue interest payable semi-annually in arrears,” the company said in the filing. The interest rate and conversion terms will be determined upon final pricing.

Coinbase also plans to grant the initial note purchasers an additional $150 million principal amount of the 2023 notes and another $150 million of the 2032 notes.

The company said it will use the net proceeds of the offering to cover the costs of the capped call transactions related to the note offering and for general corporate purposes, which may include “working capital, capital expenditures and investments in and acquisitions of other companies, products, or technologies that Coinbase may identify from time to time.”

Coinbase is the world’s 10th-largest public Bitcoin holding entity, with 11,776 Bitcoin worth $1.26 billion at the time of writing, according to data from BitcoinTreasuries.NET.

The firm acquired 2,509 Bitcoin worth over $288 million during the second quarter of 2025.

This is a developing story, and further information will be added as it becomes available.