Coinbase is planning to raise $2 billion through a dual-tranche convertible note offering to fund general corporate expenses, including potential acquisitions and stock buybacks. The offering consists of $1 billion worth of notes due in 2029 and another $1 billion due in 2032. These notes will be senior, unsecured obligations of Coinbase, accruing interest payable semi-annually. The specific interest rates and conversion terms will be determined upon final pricing.
In addition to the initial offering, Coinbase intends to grant the initial note purchasers an option to purchase an additional $150 million principal amount of the 2029 notes and another $150 million of the 2032 notes.
Coinbase plans to use the net proceeds from the offering for general corporate purposes, which may include working capital, capital expenditures, investments, and acquisitions of other companies, products, or technologies. A portion of the proceeds will also cover the costs of capped call transactions related to the note offering.
This move signals a potential influx of capital from traditional markets into digital assets, as Coinbase may become the first company in the S&P 500 index to acquire Bitcoin using the proceeds from the note offering. As of August 2025, Coinbase holds 11,776 Bitcoin, valued at $1.26 billion, making it the 10th-largest public Bitcoin holding entity. During the second quarter of 2025, the firm acquired 2,509 Bitcoin worth over $288 million.
This announcement comes at a time when Coinbase is demonstrating strong financial performance, with Q2 2025 total revenue reaching $1.5 billion and an adjusted EBITDA of $512 million. The company is strategically focusing on expanding its core businesses, including trading and stablecoin payments. Coinbase has also been actively expanding its asset listings, surpassing 300 total assets on its exchange and planning to integrate decentralized exchanges into its app.
Coinbase's activities in the derivatives market are also noteworthy. The company launched a suite of CFTC-regulated crypto perpetuals in the U.S. and acquired Deribit, a crypto options exchange. These moves reflect Coinbase's ambition to strengthen its presence in the crypto derivatives market.
It's worth noting that Coinbase has a history of share buyback programs. In November 2024, the company announced a $1 billion share repurchase program. The timing and amount of repurchases depend on market conditions and are at the company's discretion. In September 2023, Coinbase increased its debt buyback program from $150 million to $180 million, offering to repurchase its 3.625% senior notes due in 2031.
Looking ahead, Coinbase projects its subscription and services revenue to grow between $665 million and $745 million in Q3 2025. The company remains focused on expanding trading and stablecoin payments, with significant progress expected in perpetual futures, options, and the integration of decentralized exchanges.
