- Coinbase announces a private offering proposal.
- The private offering is $1.25 billion in convertible senior notes.
- $COIN price is currently moving in a downward direction.
The exchange is opening this offer to persons agreed upon as ‘qualified institutional buyers’. This is in relation to Rule 144A stated under the Securities Act of 1933.
Additionally, Coinbase is offering a 30-day option to initial buyers of the notes. It will grant them the opportunity to also buy $187.5 million. This spare amount will cover extra corporate costs and over-allotments.
However, despite the global investment and popular trader endorsements, Coinbase shares are currently moving downward.
According to CoinGecko, Coinbase’s tokenized stock ($COIN) is at $240.80 at the time of writing. This is a huge drop from its ATH of $615.05 set on April 14, 2021.
It seems Coinbase is gearing up to smash through its ATH with its latest plan. Specifically, convertible notes did prove successful for other firms like MicroStrategy.MicroStrategy invested billions of dollars in BTC alone. The price of Bitcoin (BTC) is also currently heading downward. Yet, MicroStrategy still stands at a profitable position in terms of its investment.