According to a June 15 announcement, cryptocurrency exchange Coinbase (NASDAQ:COIN) has entered into an agreement for the redemption of $64.5 million in 0.50% Convertible Senior Notes due 2026. However, the company estimates it will only need $45.5 million in cash to consummate the agreement due to the notes’ 29% discount to par value. Coinbase wrote:
Alesia Haas, chief financial officer of Coinbase, described the transaction as an “opportunistic repurchase” and said the firm would continue to look for such opportunities in the future. Many of Coinbase’s debt instruments have been trading at discounts since the onset of the cryptocurrency bear market.