Coinbase pushes out US$1.25bn CB just hours before crypto-collapso

摘要

In about as opportunistic a financing as they come, cryptocurrency exchange COINBASE minted US$1.25bn from the sale of a five-year convertible bond just one month after completing its direct listing. The deal came just hours before a brutal crypto sell-off led to the company's website and app failing. While others have tapped into crypto mania to raise capital, most notably IT consultancy MicroStrategy via the US$1.7bn it raised from recent CBs to fund bitcoin purchases, there is arguably no better proxy than an exchange that profits from the widening embrace of crypto and its inherent volatility. That was clear in strong demand for Coinbase's CB.