In an official press release on August 5, Coinbase announced its plan to privately issue $2B in convertible senior unsecured bonds under SEC Rule 144A, split into two series maturing in 2029 and 2032. Each series features an additional $150M purchase option, totaling $300M, with bonds convertible every six months into cash, Class A common stock, or a combination. The funds will be allocated to capped call transactions, working capital, capital expenditures, acquisitions, and repurchases. This issuance follows a similar offering in 2021 and comes as Coinbase reported a 26% decline in Q2 revenue alongside an increase in Bitcoin holdings.