As reported by Reuters, Coinbase Global has added another $500 million to the size of its debt offering. Now the total amount is $2 billion. The reason for upsizing it is market interest, according to the source.
Coinbase plans to use the raised funds to improve product development, as well as for potential acquisitions and mergers with other companies in the crypto and financial markets.
Just recently, Coinbase got in hot water with the SEC regulatory agency as it threatened to sue the crypto trading venue over its intention to launch a crypto lending product for customers.
However, the Investors Service of Moody's has given Coinbase Global a "junk" (noninvestment) debt-issuer rating due to an uncertain regulatory environment and strong competition.
Alex Dovbnya
Denys Serhiichuk