Coinbase stated today that it plans to hold a $1.5 billion private offering of senior notes. The monies will be used for product development, acquisitions, and hiring new employees, according to the business.
According to a press announcement dated September 13th, the largest US-based exchange will conduct a private offering of $1.5 billion in aggregate principal amount of its senior notes due 2028 and 2031.
The company has stated that it will “fully and unconditionally” guarantee the notes. Parties interested in purchasing the notes will be able to negotiate the interest rate, redemption clauses, and “other features of each series.”
Coinbase exchange will use the funds collected to strengthen the company’s “already strong balance sheet with low-cost capital.”
Furthermore, the firm intends to use the net proceeds for general reasons such as “further expenditures in product development.”
Coinbase, which just purchased data aggregator Skew, wants to keep this trend going, and part of the cash may be directed in that direction.
The exchange, which was founded in 2012, is one of the oldest and largest players in the cryptocurrency market today.
It reached a crucial milestone in April of this year when its shares were listed for trading on Nasdaq via a direct listing.