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Coinbase øger tilbud på obligationsopkøbsprogram efter manglende efterspørgsel

Coinbase justifies changes to debt buyback program

Coinbase, the largest US-based cryptocurrency exchange, has announced modifications to its debt buyback program due to underwhelming demand. Since the program’s initiation earlier this month, investors have tendered just over $50 million worth of bonds, falling short of the targeted $150 million.

To address this, Coinbase has increased its offer on 3.625% senior notes due in 2031 from 64.5 cents on the dollar to 67.5 cents on the dollar. The company has clarified that holders of the notes who participated in the buyback program before the early tender deadline will be eligible to receive the revised offer and any accrued and unpaid interest on their tendered notes.

Coinbase issued $1 billion worth of 3.625% senior notes due in 2031 last year, just before the cryptocurrency market experienced a severe downturn. The notes reached an all-time low of 47 cents on the dollar in December 2022. However, their value has gradually recovered since then, reaching approximately 64.5 cents on the dollar.

Coinbase stock rallies despite regulatory scrutiny

In June, the Securities and Exchange Commission (SEC) sued both Binance, the world’s largest cryptocurrency exchange, and Coinbase, accusing them of illegally offering unregistered securities to users. Despite this regulatory scrutiny, Coinbase’s stock has seen a remarkable rally this year, gaining 156% amid renewed retail interest and a tech rebound in the sector.

Furthermore, Coinbase’s offshore derivatives exchange has experienced a significant surge in trading activity, with volumes approaching $300 million per day. Coinbase International, which facilitates trading in perpetual futures contracts, has consistently surpassed $100 million in daily volumes since August 14. On August 18, the platform’s volumes reached an impressive $287 million.

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Last week, Coinbase received approval from the National Futures Association (NFA) to offer crypto futures to eligible US customers. This approval came after the exchange applied with the NFA in September 2021 to register as a futures commission merchant (FCM), acting as a futures trading broker on its platform.

Additionally, Coinbase has recently launched a crypto advocacy group called Stand with Crypto Alliance. This independent nonprofit organization aims to mobilize support for legislation that would create a regulatory framework for digital assets in the US.

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