10:11 AM EDT, 08/06/2025 (MT Newswires) -- Coinbase Global ( COIN ) said late Tuesday it priced an upsized private offering of $1.3 billion of 0% convertible senior notes due 2029 and $1.3 billion of 0% convertible notes due 2032, with initial conversion prices of about $454.44 and $394.84 per share respectively, and capped call transactions limiting dilution up to $595.98 per share.

Initial purchasers have been granted a 13-day option to buy up to an additional $400 million in notes, split evenly between the two tranches, the company said.

Net proceeds are expected to total about $2.56 billion, or $2.96 billion if the option is fully exercised, the company added.

Coinbase said it plans to use approximately $194.4 million of the proceeds for capped call transactions, with the remainder to be used for general corporate purposes.

The notes will not bear interest and may be settled in cash, stock, or a combination at Coinbase's discretion, the company said.

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