Coinbase Global, Inc. has unveiled its strategy to generate $1 billion through the issuance of convertible bonds set to mature in 2030. This plan includes a provision for initial buyers to acquire an extra $150 million to address any over-allotments. Coinbase revealed that the proceeds would be allocated for “working capital and capital expenditures.” Coinbase […] Source CryptoX Portal
The latest price moves in bitcoin (BTC) and crypto markets in context for March 13, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Source
Issuers use these hedges with convertible debt to prevent dilution to existing shareholders, even when their share price rises above the conversion price, though they have to pay a fee. During its breakneck rally, fitness company Peloton famously raised $1 billion in convertible debts in 2021, including a capped call option. “The capped call transactions will cover, subject to customary adjustments, the number of shares of Coinbase’s Class A common stock that will initially underlie the notes,” Coinbase said. Source
The brokerage firm lifted its rating on the crypto exchange’s shares to market perform from underperform. Source
Coinbase CEO Brian Armstrong explains the importance of Bitcoin in response to the United States’ $30 trillion surge in national debt over the last 28 years. In the context of the United States’ burgeoning national debt, Robert Sterling, CFO of 20 Dollar Consulting, highlights the alarming rate at which the U.S. debt has grown, underscoring a bipartisan trend of fiscal expansion under successive administrations. Sterling points out that the acceleration of debt accumulation began with George W. Bush and continued through the previous three presidencies. Significant milestones were crossed in…
The SEC has spent a considerable time in court on crypto matters, and its record of judgements is – so far – a mixed bag. It lost badly in disputes with Ripple and Grayscale (leading to the approval of spot bitcoin exchange-traded funds), but it’s prevailed in others, including a recent ruling in an insider-trading case tied to a former Coinbase employee. In that case, a judge in the U.S. District Court for the Western District of Washington decided the crypto assets in that matter were unregistered securities. Source
In previous cycles, “liquidity conditions” were the main setback to price momentum, but that doesn’t appear to be the case anymore. Still, these support drivers are “likely to meet some important macro and technical headwinds in the weeks ahead,” the authors wrote. Source
ARK Invest aims to have no individual holding surpass a 10% weighting of an ETF’s value, making such large sell offs necessary when an asset surges in value. Source
Since the beginning of the last quarter of 2023, artificial intelligence (AI)-related crypto tokens have not only outperformed the top two crypto assets but have also outpaced key AI stocks such as Nvidia and Microsoft. According to a report by Coinbase, much of this market-beating performance of AI-related tokens can be attributed to AI headline […] Source CryptoX Portal
The stock price of Coinbase has surpassed its initial direct listing price for the first time in over two years, as Bitcoin reached a new all-time high. When the most prominent U.S. crypto exchange entered the public market through a direct listing in 2021, the starting price was $250 per share. Initially, the stock experienced a surge, reaching a peak of $350 per share in November 2021. However, it concluded its first year on the market with a 38% loss. The following years saw Coinbase’s shares struggle as the cryptocurrency…