Coinbase Sells $1 Billion in Bonds as the Company’s Stock Soars

With the company’s stock up more than 300% this year, Coinbase (COIN) is taking advantage of the moment by selling $1 billion in convertible notes to pay off existing debts and cover corporate costs.

Coinbase also plans to offer a 30-day option to allow the purchase of an additional $150 million of the securities to cover over-allotments.

The notes, which mature in 2030, will be convertible into cash, A-shares of the company’s stock, or a combination.

Flashback

Savvy readers will remember that we first discussed publicly-traded crypto company bonds In January, 2023.

At that time, Coinbase was left for dead by the ratings agencies, and it’s bonds were trading in junk territory. We wrote:

Furthermore, we explained that if you assumed Coinbase wasn’t going to go bankrupt, the trade looked pretty sweet.

While that trade turned out pretty good, our main point is that you don’t have to go chasing crazy tokens to make respectable money in crypto. Find an area of the market you understand and trade with conviction.

Telegram’s Potential IPO Leads to Skyrocketing TON Price

Pavel Durov, founder of messaging app Telegram, revealed plans for an IPO in an interview with Financial Times this week. The news sent The Open Network’s Toncoin (TON) price skyrocketing more than 60%.

Digging deeper: Durov, also revealed to FT that the company has “been offered $30bn-plus valuations” from potential investors including “global late-stage tech funds.”

Recapping: TON, a project launched by Telegram in 2017, began as a $1 billion ICO, but was eventually dropped by Telegram after the SEC took issue with the launch in 2020.

While Telegram eventually had to give all the money back to investors, TON carried on as an independent project. And, while the two companies are supposedly separate, they work together on many projects:

Durov’s announcement therefore led to renewed interest in TON, especially with it following an announcement from February, where the company stated it will soon share ad revenue with channel owners, and pay it out exclusively via TON.

Ethereum Network Completes Dencun Upgrade

The Ethereum Network just announced the successful completion of its “Dencun” upgrade, the network’s biggest upgrade since The Merge.

Without getting into the technical jargon, here’s what you need to know:

For users → it will now be cheaper to use Ethereum L2s.

For developers → it makes Ethereum more attractive to build on and will likely boost the development of new apps and chains on the network.

If you’re a simple buy-and-hold investor, there’s nothing you need to worry about on your end. The warm, fuzzy feeling you might have of owning a crypto commodity that is actively improving is justified.

The Private Crypto Market Looks to be Rebounding

Monad Labs, an Ethereum competitor, is reportedly in talks to raise more than $200 million at a $3 billion valuation.

Why it matters: While the overall crypto market is hitting all time highs, the venture market has yet to rebound.

But valuations and capital raised are up: It’s not only Monad Labs raising funds at eye popping valuations. In just the past few weeks we have:

Back on the wagon: Paradigm, which is reported to lead Monad’s round, looks to have changed their tune after seemingly pivoting to AI last year.

SPONSOR

Invest before this company becomes a household name

What if you had the opportunity to invest in the biggest electronics products before they launched into big box retail, would you?

Ring changed doorbells and Nest changed thermostats. Early investors in these companies earned massive returns, but the opportunity to invest was limited to a select, wealthy few. Not anymore. RYSE has just launched in 100+ Best Buy stores, and you're in luck — you can still invest at only $1.50/share before their name becomes known nationwide.

They have patented the only mass market shade automation device, and their exclusive deal with Best Buy resembles that which led Ring and Nest to their billion-dollar buyouts.

Learn how you can become a shareholder.

Pantera Capital Eyes Solana

In past issues, we’ve discussed why it’s a good time to start taking Solana (SOL) more seriously now that its ties to FTX have largely vanished.

Here’s what we wrote back in November:

Since we published that, Solana (SOL) is up about ~175%.

But here's another reason it's still worth watching:

Bloomberg recently reported that Pantera Captial has been raising a $250M fund to purchase locked SOL from the FTX estate. They intend to buy SOL at a significant discount ($59.95).

Given SOL's current trading price, at nearly 2.5x that discounted rate, the deal seems like a no-brainer.

But the move involves a four-year holding commitment, showcasing both the opportunity… and the risk.

The move does signal more than just a financial one; it's a nod of confidence to Solana. Getting a name like Pantera on board, for four years, definitely adds some credibility. SOL prices popped 14% on the day the news hit.

Tweet Of The Week

Other Content You Might Enjoy

In Partnership With One Page Crypto

About CoinSnacks

Launched in December 2017, CoinSnacks is home to the longest continuously running crypto newsletter. Each week, we publish our cryptoasset musings to an audience of 35k+ crypto enthusiasts and investors.

In a space flooded with new projects, research, and narratives, you may feel overwhelmed or confused. CoinSnacks offers a solution by doing the digging for you, so you don't have to spend hundreds of hours sifting through the noise.

Reach Our Audience

If you’re a brand interested in partnering with CoinSnacks to find your next customers, partners, or allies, we’d love to hear from you. Learn more here.

Join our other publications