UK markets open in 3 hours 17 minutes
  • NIKKEI 225

    30,200.89
    +561.49 (+1.89%)
     
  • HANG SENG

    24,499.30
    -11.68 (-0.05%)
     
  • CRUDE OIL

    73.37
    +0.07 (+0.10%)
     
  • GOLD FUTURES

    1,752.10
    +2.30 (+0.13%)
     
  • DOW

    34,764.82
    +506.50 (+1.48%)
     
  • BTC-GBP

    32,401.67
    +150.82 (+0.47%)
     
  • CMC Crypto 200

    1,112.30
    +3.38 (+0.30%)
     
  • ^IXIC

    15,052.24
    +155.40 (+1.04%)
     
  • ^FTAS

    4,081.25
    -0.56 (-0.01%)
     

Coinbase looking to raise $1.5 billion through debt offering

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: The logo for Coinbase Global Inc is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) -Coinbase Global Inc is planning to raise about $1.5 billion through a debt offering to invest in product development and potential mergers and acquisitions, the U.S. cryptocurrency exchange said on Monday.

The fundraising plans come less than a week after the company said U.S. regulators would sue the exchange if it went ahead with plans to launch a program allowing users to earn interest by lending digital assets.

"This capital raise represents an opportunity to bolster our already-strong balance sheet with low-cost capital," Coinbase said in a statement.

As one of the largest cryptocurrency exchanges in the world, Coinbase has benefited from the growing adoption of digital assets, but has also taken a hit from the volatility and regulatory scrutiny around it.

Since its debut in April, Coinbase shares have lost about 34% of their value.

A month after listing, the company had said it would offer $1.25 billion in senior notes due 2026, to raise funds for general corporate purposes.

(Reporting by Eva Mathews in Bengaluru; Editing by Arun Koyyur)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting