Coinbase increases bond buyback program to $180 million
Quick Take
- The cryptocurrency exchange announced it is raising the maximum amount of bonds it is willing to purchase through a buyback program to $180 million from $150 million.
- Just a couple weeks ago, it appeared a limited number of bondholders had interest in selling their notes back to Coinbase.
In a bit of reversal, Coinbase's offer to buy back bonds from investors has swung from generating limited interest to more than previously hoped.
The U.S.-based cryptocurrency trading platform announced today that it had increased the total amount of 2031 bonds it is willing to buy back to $180 million from $150 million.
Just a couple of weeks ago, Coinbase's offer had seemed to have been met with limited interest, signaling perhaps investors thought there was more upside for the notes.
At that time, Coinbase said investors had tendered about $50 million worth of the bonds which have a coupon of 3.625%. Now, the company says that in the days following the announcement investors tendered an additional $211 million worth of the bonds for a total of $261 million.
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