Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Coinbase => Topic started by: RSRS on October 03, 2021, 04:53:01 AM
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Coinbase has found a new opportunity to raise money at attractive rates, through a bond offering. Since its direct stock listing in April, the company’s $COIN shares settled into a range between about $220 and $280 per share. The stock hit the $294 mark on the day Coinbase posted a Q2 2021 result of $1 billion adjusted EBITDA (earnings before interest taxes depreciation and amortization) on August 11, before falling back toward the bottom of the range in subsequent weeks.
On September 13, the company announced plans to raise $1.5 billion in a junk bond offering, but they ended up raising $2 billion on sales of seven-year and 10-year notes, carrying interest rates of 3.375% and 3.625% respectively.
“Demand was so high,” wrote Bloomberg on September 14, that “at least $7 billion of orders poured in,” and yet, just ten days later, following news of the latest China (non-)ban, Bloomberg described the bond offering as a “debacle.”
More Information (https://cryptonews.net/en/news/market/2044635/)