Coinbase can now pay back less than what it owes after its debt securities trade at steep discounts to par due to investor uncertainty.
Cryptocurrency exchange Coinbase will begin buying back up to $150 million of its 2031 senior notes for 64.5 cents on the dollar, a discount of 35.5%., the tender offer will last until Sept. 1, with an early premium of three cents on the dollar on top of the regular purchase price. The 2031 senior notes have a coupon rate of 3.625% per annum and a total principal balance of $1 billion.in convertible notes at a discount of 29%.
In its May 2022 filing with the United States Securities and Exchange Commission, Coinbase indicated that users’ digital assets held on the platform may “be subject to bankruptcy proceedings” and could see them treated as “unsecured creditors.” Such risk factors are disclosed as part of SEC filings for publicly listed companies.
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