Coinbase has announced its plan to raise over $2 billion through a dual-tranche offering aimed at financing future investments and share buybacks. The offering includes $1 billion in convertible senior notes maturing in 2029 and another $1 billion due in 2032, aimed at qualified institutional buyers. These notes will be senior, unsecured obligations with interest payable semi-annually. Notably, Coinbase is positioned to become the first S&P 500 company to acquire Bitcoin using proceeds from this note offering, reflecting a shift of capital from traditional markets to digital assets. The funds will also cover costs related to capped call transactions linked to the notes and will support corporate purposes, including working capital, capital expenditures, and potential acquisitions of businesses and technologies. Currently, Coinbase ranks as the 10th largest public holder of Bitcoin, holding approximately 11,776 BTC valued around $1.26 billion.

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