Coinbase is planning a $2 billion dual-tranche offering aimed at funding future investments and stock buybacks. The proposed offering includes $1 billion worth of convertible senior notes due in 2029 and another $1 billion due in 2032, specifically targeted at qualified institutional buyers. The interest rates and conversion terms for these notes will be determined at final pricing. Coinbase intends to use proceeds for general corporate purposes, which may encompass working capital, capital expenditures, and potential acquisitions. Notably, this move might position Coinbase as the first S&P 500 company to acquire Bitcoin using funds from such note sales, indicating a shift of capital from traditional markets into digital assets. The company currently holds 11,776 Bitcoin, making it one of the largest public Bitcoin holders. Additionally, Coinbase reported a substantial buying activity during the second quarter of 2025, acquiring 2,509 Bitcoin worth over $288 million.

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