Coinbase targets institutional support with a $2B convertible note sale amid weak Q2 results, expanded Bitcoin holdings, and strategic moves in European markets.
Coinbase announced it is raising $2B through a private sale of convertible senior notes, offered to institutional buyers under Rule 144A, after a weak Q2 earnings report led to a 15% drop in its stock. The funds will support capped call transactions and general corporate needs, while the company also boosted its Bitcoin holdings to 11,776 BTC and secured a European license under the MiCA framework.